Earnings per Share (EPS)

9 Months Ended

Sep. 30, 2016

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 September 30,				Nine Months Ended September 30,
(In thousands, except per share amounts)	2016		2015		2016		2015
Net income	$	59,711	$	40,821	$	159,920	$	112,852
Less: dividends declared	—		—		—		—
Net income available to common shareholders	$	59,711	$	40,821	$	159,920	$	112,852
Basic earnings per share	$	0.66	$	0.45	$	1.76	$	1.25
Diluted earnings per share	$	0.65	$	0.44	$	1.74	$	1.23
Basic weighted average shares outstanding	90,961		90,418		90,886		90,317
Dilutive effect of nonvested shares	1,438		1,423		1,247		1,361
Diluted weighted average shares outstanding	92,399		91,841		92,133		91,678

There were 1,574 and 905 antidilutive shares for the three months ended September 30, 2016 and 2015, respectively and 128,569 and 100,232 antidilutive shares for the nine months ended September 30, 2016 and 2015, 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 September 30, 2016, 100% of the performance-based share awards would be issuable under the terms of the arrangements if September 30, 2016 was the end of the performance period. Based on the compounded annual book value per share growth as of September 30, 2015, 100% of the performance-based share awards would have been issuable under the terms of the arrangements if September 30, 2015 was the end of the performance period.