| Allocation of distributed and undistributed earnings to both common shares and restricted common shares |
Under the two-class method, earnings per common share is computed by dividing the sum of distributed earnings allocated to common shareholders and undistributed earnings allocated to common shareholders by the weighted-average number of common shares outstanding for the period. In applying the two-class method, distributed and undistributed earnings are allocated to both common shares and restricted common shares based on the total weighted-average shares outstanding during the period. | | | | | | | | | | | | | | Three Months Ended September 30, | | Nine Months Ended September 30, | | 2017 | | 2016 | | 2017 | | 2016 | Weighted-average shares: | | | | | | | | Common shares outstanding | 78,237,199 |
| | 77,989,933 |
| | 78,197,091 |
| | 78,230,011 |
| Restricted common shares | 569,617 |
| | 680,249 |
| | 569,453 |
| | 646,299 |
| Total weighted-average shares | 78,806,816 |
| | 78,670,182 |
| | 78,766,544 |
| | 78,876,310 |
| | | | | | | | | Percentage of weighted-average shares: | | | | | | | | Common shares outstanding | 99.28 | % | | 99.14 | % | | 99.28 | % | | 99.18 | % | Restricted common shares | 0.72 | % | | 0.86 | % | | 0.72 | % | | 0.82 | % | Total percentage of weighted-average shares | 100.00 | % | | 100.00 | % | | 100.00 | % | | 100.00 | % |
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| Basic and Diluted earnings per share |
The calculations of both basic and diluted earnings per share are as follows: | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | Nine Months Ended September 30, | | 2017 | | 2016 | | 2017 | | 2016 | Earnings per share – Basic: | | | | | | | | Net income | $ | 57,431 |
| | $ | 27,437 |
| | $ | 92,754 |
| | $ | 83,729 |
| Less: Distributed and undistributed earnings allocated to restricted common shares(1) | (415 | ) | | (237 | ) | | (671 | ) | | (686 | ) | Earnings available to common shareholders – Basic | $ | 57,016 |
| | $ | 27,200 |
| | $ | 92,083 |
| | $ | 83,043 |
| | | | | | | | | Weighted-average common shares outstanding – Basic | 78,237,199 |
| | 77,989,933 |
| | 78,197,091 |
| | 78,230,011 |
| | | | | | | | | Earnings per common share – Basic | $ | 0.73 |
| | $ | 0.35 |
| | $ | 1.18 |
| | $ | 1.06 |
| | | | | | | | | Earnings per share – Diluted: | | | | | | | | Net income | $ | 57,431 |
| | $ | 27,437 |
| | $ | 92,754 |
| | $ | 83,729 |
| Less: Distributed and undistributed earnings allocated to restricted common shares(1) | (415 | ) | | (237 | ) | | (671 | ) | | (686 | ) | Earnings available to common shareholders – Diluted | $ | 57,016 |
| | $ | 27,200 |
| | $ | 92,083 |
| | $ | 83,043 |
| | | | | | | | | Weighted-average common shares outstanding – Basic | 78,237,199 |
| | 77,989,933 |
| | 78,197,091 |
| | 78,230,011 |
| Effect of dilutive shares(2) | 137,810 |
| | 32,235 |
| | 169,053 |
| | 35,804 |
| Weighted-average common shares outstanding – Diluted | 78,375,009 |
| | 78,022,168 |
| | 78,366,144 |
| | 78,265,815 |
| | | | | | | | | Earnings per common share – Diluted | $ | 0.73 |
| | $ | 0.35 |
| | $ | 1.18 |
| | $ | 1.06 |
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| | (1) | For the three months ended September 30, 2017 and 2016, distributed and undistributed earnings to restricted shares were 0.72% and 0.86%, respectively, of net income. For the nine months ended September 30, 2017 and 2016, distributed and undistributed earnings to restricted shares were 0.72% and 0.82%, respectively, of net income. The amount of restricted share forfeitures for all periods present is immaterial to the allocation of distributed and undistributed earnings. |
| | (2) | For all periods presented, dilutive shares represented contingently issuable shares. |
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