Earnings per Share (EPS)

3 Months Ended

Mar. 31, 2018

The following table reconciles the net income and the weighted average common shares outstanding used in the computations of basic and diluted earnings per common share:



	Three Months Ended March 31,
(In thousands, except per share amounts)	2018		2017
Net income	$	111,069	$	66,598
Less: dividends declared	—		—
Net income available to common shareholders	$	111,069	$	66,598
Basic earnings per share	$	1.14	$	0.73
Diluted earnings per share	$	1.13	$	0.72
Basic weighted average shares outstanding	97,298		91,258
Dilutive effect of nonvested shares	653		1,765
Diluted weighted average shares outstanding	97,951		93,023

There were 166,323 and 162,930 antidilutive shares for the three months ended March 31, 2018 and 2017, respectively.

The nonvested performance-based share awards are considered contingently issuable for purposes of the EPS calculation. Based on the compounded annual book value per share growth as of March 31, 2018 and 2017, 100% of the dilutive performance-based share awards would be issuable under the terms of the arrangements at each date if March 31 was the end of the contingency period.