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Earnings Per Share (Tables)
12 Months Ended
Dec. 31, 2018
Earnings Per Share [Abstract]  
Calculation of Basic and Diluted Earnings Per Share

The calculation of basic and diluted EPS was as follows:

 

 

Year ended December 31,

 

 

 

2018

 

 

2017

 

 

2016

 

 

(In thousands, except per-share amounts)

 

Basic EPS:

 

 

 

 

 

 

 

 

 

 

 

 

Numerator:

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

324,094

 

 

$

350,255

 

 

$

219,414

 

Income attributable to unvested participating securities

 

 

(1,893

)

 

 

(2,526

)

 

 

(1,835

)

Net income used in calculating basic EPS

 

$

322,201

 

 

$

347,729

 

 

$

217,579

 

Denominator:

 

 

 

 

 

 

 

 

 

 

 

 

Weighted-average vested shares

 

 

43,854

 

 

 

45,598

 

 

 

47,411

 

Basic EPS

 

$

7.35

 

 

$

7.63

 

 

$

4.59

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted EPS:

 

 

 

 

 

 

 

 

 

 

 

 

Numerator:

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

324,094

 

 

$

350,255

 

 

$

219,414

 

Income attributable to unvested participating securities

 

 

(1,888

)

 

 

(2,521

)

 

 

(1,833

)

Net income used in calculating diluted EPS

 

$

322,206

 

 

$

347,734

 

 

$

217,581

 

Denominator:

 

 

 

 

 

 

 

 

 

 

 

 

Weighted-average vested shares

 

 

43,854

 

 

 

45,598

 

 

 

47,411

 

Dilutive effect of incremental shares to be issued for

   contingently-issuable shares

 

 

131

 

 

 

91

 

 

 

42

 

Weighted-average shares used in calculating diluted EPS

 

 

43,985

 

 

 

45,689

 

 

 

47,453

 

Diluted EPS

 

$

7.33

 

 

$

7.61

 

 

$

4.59