Common Stock

Dividends. The Company paid $14.6 million and $13.6 million in quarterly cash dividends during the three months ended September 30, 2018 and 2017, respectively. The Company paid a total of $42.9 million and $56.5 million in quarterly cash dividends during the nine and twelve months ended September 30, 2018, 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.



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,
	2018			2017
Weighted average number of common shares outstanding:
Basic number of common shares outstanding	40,535,489			40,427,589
Dilutive effect of unvested performance awards	161,558			123,726
Diluted number of common shares outstanding	40,697,047			40,551,315
Basic net income per common share:
Net income	$	73,271		$	59,684
Income allocated to participating restricted stock	(272		)	(234		)
Net income available to common shareholders	$	72,999		$	59,450
Diluted net income per common share:
Net income	$	73,271		$	59,684
Income reallocated to participating restricted stock	(272		)	(234		)
Net income available to common shareholders	$	72,999		$	59,450
Basic net income per common share:
Distributed earnings	$	0.36		$	0.335
Undistributed earnings	1.44			1.135
Basic net income per common share	$	1.80		$	1.470
Diluted net income per common share:
Distributed earnings	$	0.36		$	0.335
Undistributed earnings	1.43			1.135
Diluted net income per common share	$	1.79		$	1.470



	Nine Months Ended September 30,
	2018			2017
Weighted average number of common shares outstanding:
Basic number of common shares outstanding	40,514,961			40,408,100
Dilutive effect of unvested performance awards	129,532			108,677
Diluted number of common shares outstanding	40,644,493			40,516,777
Basic net income per common share:
Net income	$	99,600		$	91,761
Income allocated to participating restricted stock	(366		)	(354		)
Net income available to common shareholders	$	99,234		$	91,407
Diluted net income per common share:
Net income	$	99,600		$	91,761
Income reallocated to participating restricted stock	(366		)	(354		)
Net income available to common shareholders	$	99,234		$	91,407
Basic net income per common share:
Distributed earnings	$	1.055		$	0.98
Undistributed earnings	1.395			1.28
Basic net income per common share	$	2.450		$	2.26
Diluted net income per common share:
Distributed earnings	$	1.055		$	0.98
Undistributed earnings	1.385			1.28
Diluted net income per common share	$	2.440		$	2.26




	Twelve Months Ended September 30,
	2018			2017
Weighted average number of common shares outstanding:
Basic number of common shares outstanding	40,494,482			40,398,022
Dilutive effect of unvested performance awards	136,276			100,620
Diluted number of common shares outstanding	40,630,758			40,498,642
Basic net income per common share:
Net income	$	106,100		$	97,417
Income allocated to participating restricted stock	(383		)	(387		)
Net income available to common shareholders	$	105,717		$	97,030
Diluted net income per common share:
Net income	$	106,100		$	97,417
Income reallocated to participating restricted stock	(383		)	(387		)
Net income available to common shareholders	$	105,717		$	97,030
Basic net income per common share:
Distributed earnings	$	1.39		$	1.29
Undistributed earnings	1.22			1.11
Basic net income per common share	$	2.61		$	2.40
Diluted net income per common share:
Distributed earnings	$	1.39		$	1.29
Undistributed earnings	1.21			1.11
Diluted net income per common share	$	2.60		$	2.40



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,
	2018	2017	2018	2017	2018	2017
Restricted stock awards	74,278	71,052	67,288	69,290	66,238	65,707
Performance shares (a)	—	—	15,326	—	11,494	—

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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.