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				Nine Months Ended
	September 30,				September 30,
	2017		2016		2017		2016
Net income attributable to common stockholders	$	39,092	$	33,032	$	121,566	$	110,352

BASIC:
Weighted average common shares outstanding	41,108,699		39,283,919		40,681,582		38,735,262

DILUTED:
Weighted average common shares outstanding	41,108,699		39,283,919		40,681,582		38,735,262
Stock options	74,769		93,437		69,210		49,248
Convertible subordinated debentures	264,795		274,544		186,545		91,515
Average dilutive common shares outstanding	41,448,263		39,651,900		40,937,337		38,876,025

Net income per common share - basic	$	.95	$	.84	$	2.99	$	2.85
Net income per common share - diluted	$	.94	$	.83	$	2.97	$	2.84

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	403		—		760		8,490
Regular dividends declared per common share	$	.95	$	.90	$	2.85	$	2.70