Earnings Per Common Share

12 Months Ended

Dec. 31, 2015

The following is a computation of basic and diluted earnings per common share for the years ended December 31, 2015, 2014 and 2013:



(in thousands, except per share data)	2015		2014		2013
NUMERATORS:
Net income	$	222,539	$	147,658	$	98,291
Less:
Dividends and undistributed earnings allocated to participating securities (1)	357		484		788
Net earnings available to common shareholders	$	222,182	$	147,174	$	97,503
DENOMINATORS:
Weighted average number of common shares outstanding - basic	220,327		186,550		111,938
Effect of potentially dilutive common shares (2)	718		994		238
Weighted average number of common shares outstanding - diluted	221,045		187,544		112,176
EARNINGS PER COMMON SHARE:
Basic	$	1.01	$	0.79	$	0.87
Diluted	$	1.01	$	0.78	$	0.87


(1)	Represents dividends paid and undistributed earnings allocated to nonvested restricted stock awards.


(2)	Represents the effect of the assumed exercise of stock options, vesting of non-participating restricted shares, and vesting of restricted stock units, based on the treasury stock method.

The following table presents the weighted average outstanding securities that were not included in the computation of diluted earnings per common share because their effect would be anti-dilutive for the years ended December 31, 2015, 2014 and 2013.



(in thousands)	2015	2014	2013
Stock options	95	323	669
Restricted stock	3	443	3