Common Stock (Tables)

9 Months Ended

Sep. 30, 2019

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

Schedule of Earnings Per Share, Basic and Diluted

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,
	2019			2018
Weighted average number of common shares outstanding:
Basic number of common shares outstanding	40,616,532			40,535,489
Dilutive effect of unvested performance awards	63,336			161,558
Diluted number of common shares outstanding	40,679,868			40,697,047
Basic net income per common share:
Net income	$	77,880		$	73,271
Income allocated to participating restricted stock	(262		)	(272		)
Net income available to common shareholders	$	77,618		$	72,999
Diluted net income per common share:
Net income	$	77,880		$	73,271
Income reallocated to participating restricted stock	(261		)	(272		)
Net income available to common shareholders	$	77,619		$	72,999
Basic net income per common share:
Distributed earnings	$	0.385		$	0.36
Undistributed earnings	1.525			1.44
Basic net income per common share	$	1.910		$	1.80
Diluted net income per common share:
Distributed earnings	$	0.385		$	0.36
Undistributed earnings	1.525			1.43
Diluted net income per common share	$	1.910		$	1.79

	Nine Months Ended September 30,
	2019			2018
Weighted average number of common shares outstanding:
Basic number of common shares outstanding	40,600,726			40,514,961
Dilutive effect of unvested performance awards	79,272			129,532
Diluted number of common shares outstanding	40,679,998			40,644,493
Basic net income per common share:
Net income	$	110,095		$	99,600
Income allocated to participating restricted stock	(378		)	(366		)
Net income available to common shareholders	$	109,717		$	99,234
Diluted net income per common share:
Net income	$	110,095		$	99,600
Income reallocated to participating restricted stock	(378		)	(366		)
Net income available to common shareholders	$	109,717		$	99,234
Basic net income per common share:
Distributed earnings	$	1.13		$	1.055
Undistributed earnings	1.57			1.395
Basic net income per common share	$	2.70		$	2.450
Diluted net income per common share:
Distributed earnings	$	1.13		$	1.055
Undistributed earnings	1.57			1.385
Diluted net income per common share	$	2.70		$	2.440

	Twelve Months Ended September 30,
	2019			2018
Weighted average number of common shares outstanding:
Basic number of common shares outstanding	40,585,513			40,494,482
Dilutive effect of unvested performance awards	83,581			136,276
Diluted number of common shares outstanding	40,669,094			40,630,758
Basic net income per common share:
Net income	$	94,810		$	106,100
Income allocated to participating restricted stock	(321		)	(383		)
Net income available to common shareholders	$	94,489		$	105,717
Diluted net income per common share:
Net income	$	94,810		$	106,100
Income reallocated to participating restricted stock	(320		)	(383		)
Net income available to common shareholders	$	94,490		$	105,717
Basic net income per common share:
Distributed earnings	$	1.49		$	1.39
Undistributed earnings	0.84			1.22
Basic net income per common share	$	2.33		$	2.61
Diluted net income per common share:
Distributed earnings	$	1.49		$	1.39
Undistributed earnings	0.83			1.21
Diluted net income per common share	$	2.32		$	2.60

Schedule of Antidilutive Securities Excluded From Computation Of Earnings Per Share

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,
	2019	2018	2019	2018	2019	2018
Restricted stock awards	54,568	74,278	54,483	67,288	53,232	66,238
Performance shares (a)	—	—	14,551	15,326	22,234	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.