Common Stock

6 Months Ended

Jun. 30, 2017

Common Stock, Number of Shares, Par Value and Other Disclosures [Abstract]

Shareholders' Equity and Share-based Payments, Including Earnings Per Share Information

Common Stock

Dividends. The Company paid $13.6 million and $12.5 million in quarterly cash dividends during the three months ended June 30, 2017 and 2016, respectively. The Company paid a total of $26.2 million and $51.3 million in quarterly cash dividends during the six and twelve months ended June 30, 2017, respectively. The Company paid a total of $24.5 million and $48.4 million in quarterly cash dividends during the six and twelve months ended June 30, 2016, respectively. On July 27, 2017, the Board of Directors declared a quarterly cash dividend of $0.335 per share payable on September 29, 2017 to shareholders of record as of the close of business on September 15, 2017.

Basic and Diluted Earnings Per Share. The basic and diluted earnings per share are presented below (in thousands except for share data):
	Three Months Ended June 30,
	2017			2016
Weighted average number of common shares outstanding:
Basic number of common shares outstanding	40,409,030			40,345,150
Dilutive effect of unvested performance awards	116,555			54,341
Diluted number of common shares outstanding	40,525,585			40,399,491
Basic net income per common share:
Net income	$	36,066		$	22,284
Income allocated to participating restricted stock	(142		)	(65		)
Net income available to common shareholders	$	35,924		$	22,219
Diluted net income per common share:
Net income	$	36,066		$	22,284
Income reallocated to participating restricted stock	(142		)	(65		)
Net income available to common shareholders	$	35,924		$	22,219
Basic net income per common share:
Distributed earnings	$	0.335		$	0.31
Undistributed earnings	0.555			0.24
Basic net income per common share	$	0.890		$	0.55
Diluted net income per common share:
Distributed earnings	$	0.335		$	0.31
Undistributed earnings	0.555			0.24
Diluted net income per common share	$	0.890		$	0.55

	Six Months Ended June 30,
	2017			2016
Weighted average number of common shares outstanding:
Basic number of common shares outstanding	40,398,192			40,335,236
Dilutive effect of unvested performance awards	101,152			45,404
Diluted number of common shares outstanding	40,499,344			40,380,640
Basic net income per common share:
Net income	$	32,077		$	16,476
Income allocated to participating restricted stock	(119		)	(66		)
Net income available to common shareholders	$	31,958		$	16,410
Diluted net income per common share:
Net income	$	32,077		$	16,476
Income reallocated to participating restricted stock	(119		)	(66		)
Net income available to common shareholders	$	31,958		$	16,410
Basic net income per common share:
Distributed earnings	$	0.645		$	0.605
Undistributed earnings	0.145			(0.195		)
Basic net income per common share	$	0.790		$	0.410
Diluted net income per common share:
Distributed earnings	$	0.645		$	0.605
Undistributed earnings	0.145			(0.195		)
Diluted net income per common share	$	0.790		$	0.410

	Twelve Months Ended June 30,
	2017			2016
Weighted average number of common shares outstanding:
Basic number of common shares outstanding	40,381,776			40,314,032
Dilutive effect of unvested performance awards	85,219			42,207
Diluted number of common shares outstanding	40,466,995			40,356,239
Basic net income per common share:
Net income	$	112,369		$	73,864
Income allocated to participating restricted stock	(423		)	(210		)
Net income available to common shareholders	$	111,946		$	73,654
Diluted net income per common share:
Net income	$	112,369		$	73,864
Income reallocated to participating restricted stock	(423		)	(210		)
Net income available to common shareholders	$	111,946		$	73,654
Basic net income per common share:
Distributed earnings	$	1.265		$	1.195
Undistributed earnings	1.505			0.635
Basic net income per common share	$	2.770		$	1.830
Diluted net income per common share:
Distributed earnings	$	1.265		$	1.195
Undistributed earnings	1.505			0.635
Diluted net income per common share	$	2.770		$	1.830

The number of restricted stock awards and performance shares at 100% performance level excluded from the calculation of the diluted number of common shares outstanding because their effect was antidilutive is presented below:
	Three Months Ended		Six months ended		Twelve Months Ended
	June 30,		June 30,		June 30,
	2017	2016	2017	2016	2017	2016
Restricted stock awards	58,792	42,759	68,409	51,111	62,352	52,714
Performance shares (a)	—	62,995	—	62,995	6,906	56,089

(a) Certain performance shares were excluded from the computation of diluted earnings per share as no payouts would have been required based upon performance at the end of each corresponding period.