EARNINGS PER SHARE

12 Months Ended

Dec. 31, 2019

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 non-vested stock issued under stock‑based compensation plans is computed using the treasury stock method. The dilutive effect of the warrants is computed using the if-converted method.

Information related to the Company’s EPS calculations is summarized as follows:



	December 31,
(In thousands, except per share amounts)	2019			2018			2017
Basic EPS:
Numerator:
Net income	$	74,295		$	57,726		$	166,623
Net income attributable to noncontrolling interests	(339		)	(714		)	1,781
Net income attributable to common stockholders	$	73,956		$	57,012		$	168,404

Denominator:
Weighted-average basic common shares outstanding	43,136			43,036			41,364

Diluted EPS:
Numerator:
Net income attributable to common stockholders	$	73,956		$	57,012		$	168,404

Denominator:
Weighted-average basic common shares outstanding	43,136			43,036			41,364
Restricted stock and stock options	168			201			279
Warrants	4			—			1,446
Weighted-average diluted common shares outstanding (a)	43,308			43,237			43,089

Basic income per share:	$	1.71		$	1.32		$	4.07
Diluted income per share:	$	1.71		$	1.32		$	3.91

(a)

The diluted EPS computation excludes 379,608, 425,908 and 313,500 shares of stock options as of December 31, 2019, 2018 and 2017, respectively, because their inclusion would have been anti-dilutive. The diluted EPS computation also excludes 235,894, 205,979 and 161,155 shares of restricted stock because performance conditions provided for in the restricted stock awards have not been satisfied as of December 31, 2019, 2018 and 2017, respectively.

During the fourth quarter of 2019, the Company repurchased 496,000 shares of its common stock, par value $0.01 per share, in 13 transactions with an unaffiliated entity. These transactions were funded with cash on hand for $53.9 million, or approximately $108.71 per share. On February 23, 2018, the Company repurchased 475,920 shares of its common stock, par value $0.01 per share, in a private transaction with an unaffiliated entity at a purchase price of $120.33 per share, or $57.3 million in the aggregate. The repurchase transaction was consummated on February 21, 2018 and was funded with cash on hand.