Earnings Per Share

9 Months Ended

Sep. 30, 2017

15. Earnings Per Share

The following table sets forth the computation of basic and diluted earnings per share (in thousands, except per share data):


		Three Months Ended				Nine Months Ended
		September 30,				September 30,
		2017		2016		2017		2016
Numerator for basic and diluted earnings
	per share - net income (loss) attributable
	to common stockholders	$	74,043	$	334,910	$	575,118	$	679,353

Denominator for basic earnings per
	share - weighted average shares		369,089		358,932		366,096		356,911
Effect of dilutive securities:
	Employee stock options		40		128		53		119
	Non-vested restricted shares		515		526		464		414
	Redeemable shares		1,096		1,651		1,281		1,308
Dilutive potential common shares			1,651		2,305		1,798		1,841
Denominator for diluted earnings per
	share - adjusted weighted average shares		370,740		361,237		367,894		358,752

Basic earnings per share		$	0.20	$	0.93	$	1.57	$	1.90
Diluted earnings per share		$	0.20	$	0.93	$	1.56	$	1.89

The Series I Cumulative Convertible Perpetual Preferred Stock was not included in the calculations as the effect of conversions into common stock was anti-dilutive.