Common Stock

9 Months Ended

Sep. 30, 2017

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

Common Stock and 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 September 30, 2017 and 2016, respectively. The Company paid a total of $39.7 million and $52.3 million in quarterly cash dividends during the nine and twelve months ended September 30, 2017, respectively. The Company paid a total of $37.0 million and $49.0 million in quarterly cash dividends during the nine and twelve months ended September 30, 2016, respectively. On October 26, 2017, the Board of Directors declared a quarterly cash dividend of $0.335 per share payable on December 29, 2017 to shareholders of record as of the close of business on December 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 September 30,
	2017			2016
Weighted average number of common shares outstanding:
Basic number of common shares outstanding	40,427,589			40,363,819
Dilutive effect of unvested performance awards	123,726			62,123
Diluted number of common shares outstanding	40,551,315			40,425,942
Basic net income per common share:
Net income	$	59,684		$	74,636
Income allocated to participating restricted stock	(234		)	(232		)
Net income available to common shareholders	$	59,450		$	74,404
Diluted net income per common share:
Net income	$	59,684		$	74,636
Income reallocated to participating restricted stock	(234		)	(232		)
Net income available to common shareholders	$	59,450		$	74,404
Basic net income per common share:
Distributed earnings	$	0.335		$	0.31
Undistributed earnings	1.135			1.53
Basic net income per common share	$	1.470		$	1.84
Diluted net income per common share:
Distributed earnings	$	0.335		$	0.31
Undistributed earnings	1.135			1.53
Diluted net income per common share	$	1.470		$	1.84

	Nine Months Ended September 30,
	2017			2016
Weighted average number of common shares outstanding:
Basic number of common shares outstanding	40,408,100			40,344,834
Dilutive effect of unvested performance awards	108,677			50,977
Diluted number of common shares outstanding	40,516,777			40,395,811
Basic net income per common share:
Net income	$	91,761		$	91,112
Income allocated to participating restricted stock	(354		)	(271		)
Net income available to common shareholders	$	91,407		$	90,841
Diluted net income per common share:
Net income	$	91,761		$	91,112
Income reallocated to participating restricted stock	(354		)	(271		)
Net income available to common shareholders	$	91,407		$	90,841
Basic net income per common share:
Distributed earnings	$	0.98		$	0.915
Undistributed earnings	1.28			1.335
Basic net income per common share	$	2.26		$	2.250
Diluted net income per common share:
Distributed earnings	$	0.98		$	0.915
Undistributed earnings	1.28			1.335
Diluted net income per common share	$	2.26		$	2.250

	Twelve Months Ended September 30,
	2017			2016
Weighted average number of common shares outstanding:
Basic number of common shares outstanding	40,398,022			40,332,835
Dilutive effect of unvested performance awards	100,620			47,608
Diluted number of common shares outstanding	40,498,642			40,380,443
Basic net income per common share:
Net income	$	97,417		$	91,760
Income allocated to participating restricted stock	(387		)	(264		)
Net income available to common shareholders	$	97,030		$	91,496
Diluted net income per common share:
Net income	$	97,417		$	91,760
Income reallocated to participating restricted stock	(387		)	(264		)
Net income available to common shareholders	$	97,030		$	91,496
Basic net income per common share:
Distributed earnings	$	1.29		$	1.21
Undistributed earnings	1.11			1.06
Basic net income per common share	$	2.40		$	2.27
Diluted net income per common share:
Distributed earnings	$	1.29		$	1.21
Undistributed earnings	1.11			1.06
Diluted net income per common share	$	2.40		$	2.27

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		Nine Months Ended		Twelve Months Ended
	September 30,		September 30,		September 30,
	2017	2016	2017	2016	2017	2016
Restricted stock awards	71,052	57,633	69,290	53,285	65,707	50,854
Performance shares (a)	—	62,995	—	62,995	—	62,995

________________________

(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.