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Net Income per Share
12 Months Ended
Dec. 31, 2019
Earnings Per Share [Abstract]  
Net Income per Share Net Income per Share
The computation of basic net income per share is based on the number of weighted average common shares outstanding during the period.  The computation of diluted net income per share is based on the weighted average number of shares outstanding plus the incremental shares that would be outstanding assuming issuance of restricted stock.  The number of incremental shares is calculated by applying the treasury stock method.  Basic and diluted net income per share was calculated as follows (in thousands, except per share data):
 
 
For the years ended December 31,
 
 
2019
 
2018
 
2017
Numerator:
 
 
 
 
 
 
Net income
 
$
301,699

 
$
696,787

 
$
455,046

Denominator:
 
 
 
 
 
 
Weighted-average shares used to compute net income per share—basic
 
51,363

 
52,812

 
52,800

Dilutive restricted stock awards and units
 
130

 
106

 
6

Weighted-average shares used to compute net income per share—diluted
 
51,493

 
52,918

 
52,806

Net income per share—basic
 
$
5.87

 
$
13.19

 
$
8.62

Net income per share—diluted
 
$
5.86

 
$
13.17

 
$
8.62



As of December 31, 2019, there were 161,998 restricted stock unit awards for which the service-based vesting conditions for these awards were not met as of the measurement date. As such, these awards were excluded from basic earnings per share. These awards had a 39,950 share impact on dilutive weighted average shares for the year ended December 31, 2019.
As of December 31, 2019, there were 271,589 shares granted under the 2017 Equity Plan to employees, for which neither the service based nor performance based vesting conditions were met as of the measurement date. As such, these shares have been excluded from basic and diluted earnings per share.

The Company awarded $1.5 million of restricted stock unit awards under the 2017 Equity Plan that can be settled in shares or in cash at the election of employees. These awards have certain service-based and performance-based vesting conditions and can be earned no later than December 31, 2021. If the Company were to settle these awards in shares these awards would represent 70,989 shares based on the Company's closing share price on December 31, 2019. The Company considered the impact on diluted earnings as if the award was settled in cash or in shares. These awards had a 19,438 share impact on dilutive weighted average shares for the year ended December 31, 2019.
As of December 31, 2019, there were 98,216 shares of common stock issued under the 2016 Equity Plan to certain directors and employees, for which the service based vesting conditions were not met as of the measurement date. As such, these awards were excluded from basic earnings per share. These awards had a 70,410 share impact on dilutive weighted average shares for the year ended December 31, 2019.
As of December 31, 2019, there were 43,580 shares of common stock contingently issuable upon the settlement of a vested phantom unit award under the 2016 Equity Plan and 13,157 shares of common stock contingently issuable upon the settlement of a vested restricted stock unit award under the 2017 Equity Plan. The settlement date is the earlier of a change in control as described in the 2016 Equity Plan and 2017 Equity Plan or five years from the grant date. These awards are vested and as such have been included in the weighted-average shares used to compute basic and diluted net income per share.
As of December 31, 2019, there were 21,169 shares of common stock issued under the 2017 Equity plan to certain directors and employees which immediately vested, but settle over the next two years on the anniversary of issuance. As such, these shares have been included in both basic and diluted earnings per share.
Dividends
On March 31, 2017, the Company's board of managers declared a cash distribution of $3.56 per share, totaling $190.0 million, which was paid on March 31, 2017 to holders of Class A Units, Class B Units and Class C Units of record as of March 31, 2017.
On May 17, 2017, the Board adopted the Dividend Policy of paying a quarterly cash dividend of $0.05 per share. The initial quarterly dividend of $2.7 million was paid on June 13, 2017 to stockholders of record on May 30, 2017. The Dividend Policy also states the following: In addition to the regular quarterly dividend and to the extent that the Company generates excess cash that is beyond the then current requirements of the business, the Board may consider returning all or a portion of such excess cash to stockholders through a special dividend or implementation of a stock repurchase program. Any future dividends or stock repurchases will be at the discretion of the Board and subject to consideration of a number of factors, including business and market conditions, future financial performance and other strategic investment opportunities. The Company will also seek to optimize its capital structure to improve returns to stockholders while allowing flexibility for the Company to pursue very selective strategic growth opportunities that can provide compelling stockholder returns.
The Company has paid a regular quarterly cash dividend of $0.05 per share every quarter since the Board adopted the Dividend Policy. As of December 31, 2019, the Company has paid $29.3 million of regular quarterly cash dividends under the Dividend Policy.

On November 2, 2017, the Board declared the November Special Dividend of approximately $600.0 million, which was funded with the net proceeds from the Notes Offering, together with cash on hand of approximately $260.0 million and was paid on November 22, 2017 to stockholders of record as of the close of business on November 13, 2017.

On April 3, 2018, the Board declared the April Special Dividend of approximately $350.0 million, which was funded with the net proceeds from the offering of the New Notes due 2024, together with cash on hand of approximately $225.0 million, and was paid on April 20, 2018 to stockholders of record as of the close of business on April 13, 2018.

On April 23, 2019, the Board declared a special cash dividend of $4.41 per share (the "April 2019 Special Dividend"), totaling approximately $230.0 million, which was paid on May 14, 2019 to stockholders of record as of the close of business on May 6, 2019.