Net Income Per Common Share

12 Months Ended

Dec. 31, 2016

Net Income Per Common Share

Net Income Per Common Share

12. Net Income Per Common Share

Basic and diluted net income per share was as follows (in thousands except per share amounts):

	For the year ended December 31,
	2016		2015		2014
Income from continuing operations	$	85,115	$	73,081	$	73,399
Less net income allocated to participating securities:
Non-forfeitable dividends on participating securities		(373)		(480)		(465)
Income allocated to participating securities		(12)		(4)		(16)
Total net income allocated to participating securities		(385)		(484)		(481)
Less net income allocated to preferred stockholders:
Preferred stock dividends		—		(2,454)		(3,273)
Total net income allocated to preferred stockholders		—		(2,454)		(3,273)
Net income available to common stockholders		84,730		70,143		69,645
Effect of dilutive securities:
Participating securities		385		—		—
Convertible preferred securities		—		2,454		3,273
Total effect of dilutive securities		385		2,454		3,273
Net income for diluted net income per share	$	85,115	$	72,597	$	72,918
Shares for basic net income per share		38,388		35,590		34,617
Effect of dilutive securities:
Stock options		13		13		23
Performance-based stock units		27		—		—
Participating securities		169		—		—
Convertible preferred securities		—		1,726		2,000
Total effect of dilutive securities		209		1,739		2,023
Shares for diluted net income per share		38,597		37,329		36,640
Basic net income per share	$	2.21	$	1.97	$	2.01
Diluted net income per share	$	2.21	$	1.94	$	1.99