NOTE 2 EARNINGS PER SHARE

Basic earnings (loss) per share (“EPS”) is computed by dividing net income (loss) available to common stockholders by the weighted‑average number of common shares outstanding. Diluted EPS is computed after adjusting the numerator and denominator of the basic EPS computation for the effects of all potentially dilutive common shares. The dilutive effect of options and nonvested stock issued under stock‑based compensation plans is computed using the treasury stock method. The dilutive effect of the Sponsor Warrants and Management Warrants is computed using the if‑converted method. Gains associated with the changes in the fair value of the Sponsor Warrants and Management Warrants are excluded from the numerator in computing diluted earnings per share because inclusion of such gains in the computation would be anti‑dilutive.

Information related to our EPS calculations is summarized as follows:


	Year Ended December 31,
(In thousands, except per share amounts)	2017		2016		2015
Basic EPS:
Numerator:
Net income	$	166,623	$	202,326	$	126,719
Net income attributable to noncontrolling interests		1,781		(23)		—
Net income attributable to common stockholders	$	168,404	$	202,303	$	126,719

Denominator:
Weighted average basic common shares outstanding		41,364		39,492		39,470

Diluted EPS:
Numerator:
Net income attributable to common stockholders	$	168,404	$	202,303	$	126,719
Less: Warrant liability gain		—		—		(58,320)
Adjusted net income attributable to common stockholders	$	168,404	$	202,303	$	68,399

Denominator:
Weighted average basic common shares outstanding		41,364		39,492		39,470
Restricted stock and stock options		279		343		411
Warrants		1,446		2,894		2,873
Weighted average diluted common shares outstanding		43,089		42,729		42,754

Basic income per share:	$	4.07	$	5.12	$	3.21

Diluted income per share:	$	3.91	$	4.73	$	1.60

The diluted EPS computation as of December 31, 2017 excludes 313,500 stock options because their inclusion would have been anti-dilutive and 161,155 shares of restricted stock because market conditions have not been met.

The diluted EPS computation as of December 31, 2016 excludes 379,500 stock options because their inclusion would have been anti‑dilutive and 130,286 shares of restricted stock because market conditions have not been met.

The diluted EPS computation as of December 31, 2015 excludes 141,776 stock options because their inclusion would have been anti‑dilutive.

On February 23, 2018, we repurchased 475,920 of our shares of common stock in a private, unaffiliated transaction at an average purchase price of $120.33 per share for $57,267,454 in aggregate. The repurchase transaction was consummated on February 21, 2018, and was funded with cash on hand.