Common Stock

6 Months Ended

Jun. 30, 2018

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

Common Stock and Earnings Per Share Information

Common Stock

Dividends. The Company paid $14.6 million and $13.6 million in quarterly cash dividends during the three months ended June 30, 2018 and 2017, respectively. The Company paid a total of $28.3 million and $55.4 million in quarterly cash dividends during the six and twelve months ended June 30, 2018, 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. On July 19, 2018 the Board of Directors declared a quarterly cash dividend of $0.36 per share payable on September 28, 2018 to shareholders of record as of the close of business on September 14, 2018.

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,
	2018			2017
Weighted average number of common shares outstanding:
Basic number of common shares outstanding	40,517,713			40,409,030
Dilutive effect of unvested performance awards	130,086			116,555
Diluted number of common shares outstanding	40,647,799			40,525,585
Basic net income per common share:
Net income	$	33,295		$	36,066
Income allocated to participating restricted stock	(124		)	(142		)
Net income available to common shareholders	$	33,171		$	35,924
Diluted net income per common share:
Net income	$	33,295		$	36,066
Income reallocated to participating restricted stock	(124		)	(142		)
Net income available to common shareholders	$	33,171		$	35,924
Basic net income per common share:
Distributed earnings	$	0.36		$	0.335
Undistributed earnings	0.46			0.555
Basic net income per common share	$	0.82		$	0.890
Diluted net income per common share:
Distributed earnings	$	0.36		$	0.335
Undistributed earnings	0.46			0.555
Diluted net income per common share	$	0.82		$	0.890

	Six Months Ended June 30,
	2018			2017
Weighted average number of common shares outstanding:
Basic number of common shares outstanding	40,504,526			40,398,192
Dilutive effect of unvested performance awards	113,519			101,152
Diluted number of common shares outstanding	40,618,045			40,499,344
Basic net income per common share:
Net income	$	26,329		$	32,077
Income allocated to participating restricted stock	(98		)	(119		)
Net income available to common shareholders	$	26,231		$	31,958
Diluted net income per common share:
Net income	$	26,329		$	32,077
Income reallocated to participating restricted stock	(98		)	(119		)
Net income available to common shareholders	$	26,231		$	31,958
Basic net income per common share:
Distributed earnings	$	0.695		$	0.645
Undistributed earnings (losses)	(0.045		)	0.145
Basic net income per common share	$	0.650		$	0.790
Diluted net income per common share:
Distributed earnings	$	0.695		$	0.645
Undistributed earnings (losses)	(0.045		)	0.145
Diluted net income per common share	$	0.650		$	0.790

	Twelve Months Ended June 30,
	2018			2017
Weighted average number of common shares outstanding:
Basic number of common shares outstanding	40,467,231			40,381,776
Dilutive effect of unvested performance awards	126,818			85,219
Diluted number of common shares outstanding	40,594,049			40,466,995
Basic net income per common share:
Net income	$	92,513		$	112,369
Income allocated to participating restricted stock	(336		)	(423		)
Net income available to common shareholders	$	92,177		$	111,946
Diluted net income per common share:
Net income	$	92,513		$	112,369
Income reallocated to participating restricted stock	(336		)	(423		)
Net income available to common shareholders	$	92,177		$	111,946
Basic net income per common share:
Distributed earnings	$	1.365		$	1.265
Undistributed earnings	0.915			1.505
Basic net income per common share	$	2.280		$	2.770
Diluted net income per common share:
Distributed earnings	$	1.365		$	1.265
Undistributed earnings	0.905			1.505
Diluted net income per common share	$	2.270		$	2.770

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,
	2018	2017	2018	2017	2018	2017
Restricted stock awards	55,368	58,792	63,793	68,409	65,432	62,352
Performance shares (a)	—	—	22,989	—	11,494	6,906

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(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.