EARNINGS PER SHARE

9 Months Ended

Sep. 30, 2018

Earnings Per Share [Abstract]

EARNINGS PER SHARE

4. EARNINGS PER SHARE

Basic and diluted earnings per share are computed by dividing net income by the weighted average number of shares outstanding during the respective periods. In addition, the Company has periodically issued share-based payment awards that contain non-forfeitable rights to dividends and are therefore considered participating securities. The following table shows the restricted shares of common stock (participating securities) outstanding and a reconciliation of outstanding weighted average shares is as follows:

	Three months ended September 30,						Nine months ended September 30,
(In thousands)	2018			2017			2018			2017
Net income available for stockholders:	$	49,967		$	57,334		$	162,040		$	104,808
Less:  Adjustments for earnings attributable to participating securities		(528	)		(732	)		(1,791	)		(1,392	)
Net income used in calculating earnings per share	$	49,439		$	56,602		$	160,249		$	103,416
Weighted average shares outstanding (including participating securities)		214,807			216,958			215,362			217,401
Adjustment for participating securities		(2,392	)		(2,829	)		(2,482	)		(2,936	)
Shares used in calculating basic and diluted earnings per share		212,415			214,129			212,880			214,465