Net Income Per Share

9 Months Ended

Sep. 30, 2019

NOTE 4 Net Income Per Share

Basic net income per share is computed based on the weighted average number of common shares (including participating securities) issued and outstanding during the period. Diluted net income per share 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)	2019			2018			2019			2018
Net income	$	115,506		$	106,053		$	321,995		$	270,803
Net income attributable to unvested awarded performance stock		(3,772	)		(2,716	)		(10,386	)		(6,185	)
Net income attributable to common shares	$	111,734		$	103,337		$	311,609		$	264,618
Weighted average number of common shares outstanding – basic		282,178			278,132			281,505			276,744
Less unvested awarded performance stock included in weighted average number of common shares outstanding – basic		(9,216	)		(7,124	)		(9,080	)		(6,321	)
Weighted average number of common shares outstanding for basic net income per common share		272,962			271,008			272,425			270,423
Dilutive effect of stock options		2,113			4,274			2,104			5,191
Weighted average number of shares outstanding – diluted		275,075			275,282			274,529			275,614
Net income per share:
Basic	$	0.41		$	0.38		$	1.14		$	0.98
Diluted	$	0.41		$	0.38		$	1.14		$	0.96