Net Income Per Share

9 Months Ended

Sep. 30, 2016

Basic EPS is computed based on the weighted average number of common shares (including participating securities) issued and outstanding during the period. Diluted EPS is computed based on the weighted average number of common shares issued and outstanding plus equivalent shares, assuming the exercise of stock options. The dilutive effect of stock options is computed by application of the treasury-stock method. The following is a reconciliation between basic and diluted weighted average shares outstanding:



	For the three months ended September 30,						For the nine months ended September 30,
(in thousands, except per share data)	2016			2015			2016			2015
Net income	$	71,545		$	67,427		$	199,865		$	185,383
Net income attributable to unvested awarded performance stock	(1,873		)	(1,565		)	(5,210		)	(4,370		)
Net income attributable to common shares	$	69,672		$	65,862		$	194,655		$	181,013
Weighted average number of common shares outstanding – basic	140,129			140,955			139,642			141,517
Less unvested awarded performance stock included in weighted average number of common shares outstanding – basic	(3,668		)	(3,271		)	(3,640		)	(3,336		)
Weighted average number of common shares outstanding for basic earnings per common share	136,461			137,684			136,002			138,181
Dilutive effect of stock options	1,721			2,357			1,582			2,265
Weighted average number of shares outstanding – diluted	138,182			140,041			137,584			140,446
Net income per share:
Basic	$	0.51		$	0.48		$	1.43		$	1.31
Diluted	$	0.50		$	0.47		$	1.41		$	1.29