Net Income Per Share

12 Months Ended

Dec. 31, 2017

Basic EPS is computed based upon the weighted-average number of common shares (including participating securities) issued and outstanding during the period. Diluted EPS is computed based upon 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 years ended December 31:



(in thousands, except per share data)	2017			2016			2015
Net income	$	399,630		$	257,491		$	243,318
Net income attributable to unvested awarded performance stock	(9,746		)	(6,705		)	(5,695		)
Net income attributable to common shares	$	389,884		$	250,786		$	237,623
Weighted-average number of common shares outstanding – basic	139,697			139,779			141,113
Less unvested awarded performance stock included in weighted-average number of common shares outstanding – basic	(3,407		)	(3,640		)	(3,303		)
Weighted-average number of common shares outstanding for basic earnings per common share	136,290			136,139			137,810
Dilutive effect of stock options	2,503			1,665			2,302
Weighted-average number of shares outstanding – diluted	138,793			137,804			140,112
Net income per share:
Basic	$	2.86		$	1.84		$	1.72
Diluted	$	2.81		$	1.82		$	1.70