EARNINGS AND DIVIDENDS PER COMMON SHARE

The weighted average number of common shares outstanding during the reporting period is used to calculate basic earnings per common share. Diluted earnings per common share assume the exercise of stock options and the conversion of our convertible debt using the treasury stock method, to the extent dilutive. If our average stock price for the period increases over the conversion price of our convertible debt, the conversion feature will be considered dilutive.

The following table summarizes the average number of common shares and the net income used in the calculation of basic and diluted earnings per common share (in thousands, except share and per share amounts):



	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2017		2016		2017		2016
Net income attributable to common stockholders	$	38,245	$	44,595	$	82,475	$	77,320

BASIC:
Weighted average common shares outstanding	40,982,244		38,520,221		40,468,024		38,460,934

DILUTED:
Weighted average common shares outstanding	40,982,244		38,520,221		40,468,024		38,460,934
Stock options	66,137		41,163		63,901		27,154
Convertible subordinated debentures	196,792		—		147,420		—
Average dilutive common shares outstanding	41,245,173		38,561,384		40,679,345		38,488,088

Net income per common share - basic	$	.93	$	1.16	$	2.04	$	2.01
Net income per common share - diluted	$	.93	$	1.16	$	2.03	$	2.01

Incremental shares excluded since anti-dilutive:
Net share effect of stock options with an exercise price in excess of the average market price for our common shares	11,015		14,940		9,736		41,773
Regular dividends declared per common share	$	.95	$	.90	$	1.90	$	1.80