EPS Calculation

The following table presents a reconciliation of the earnings and shares used in calculating basic and diluted EPS for the three and nine months ended September 30, 2018 and 2017:



	Three Months Ended September 30,						Nine Months Ended September 30,
(In Thousands, Except Per Share Amounts)	2018			2017			2018			2017
Numerator:
Net income	$	87,132		$	63,805		$	240,922		$	221,799
Dividends declared on preferred stock	(3,750		)	(3,750		)	(11,250		)	(11,250		)
Dividends, dividend equivalents and undistributed earnings allocated to participating securities	(472		)	(409		)	(1,393		)	(1,299		)
Net income to common stockholders - basic and diluted	$	82,910		$	59,646		$	228,279		$	209,250

Denominator:
Weighted average common shares for basic and diluted earnings per share (1)	428,713			396,698			408,614			385,282
Basic and diluted earnings per share	$	0.19		$	0.15		$	0.56		$	0.54

(1)

At September 30, 2018, the Company had approximately 2.2 million equity instruments outstanding that were not included in the calculation of diluted EPS for the three and nine months ended September 30, 2018, as their inclusion would have been anti-dilutive. These equity instruments reflect RSUs (based on current estimate of expected share settlement amount) with a weighted average grant date fair value of $6.72. These equity instruments may have a dilutive impact on future EPS.