Net Income Per Common Share

12 Months Ended

Dec. 31, 2017

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,
	2017		2016		2015
Income from continuing operations	$	87,340	$	85,115	$	73,081
Less net income allocated to participating securities:
Non-forfeitable dividends on participating securities		(350)		(373)		(480)
Income allocated to participating securities		(12)		(12)		(4)
Total net income allocated to participating securities		(362)		(385)		(484)
Less net income allocated to preferred stockholders:
Preferred stock dividends		—		—		(2,454)
Total net income allocated to preferred stockholders		—		—		(2,454)
Net income available to common stockholders		86,978		84,730		70,143
Effect of dilutive securities:
Participating securities		362		385		—
Convertible preferred securities		—		—		2,454
Total effect of dilutive securities		362		385		2,454
Net income for diluted net income per share	$	87,340	$	85,115	$	72,597
Shares for basic net income per share		39,409		38,388		35,590
Effect of dilutive securities:
Stock options		10		13		13
Performance-based stock units		67		27		—
Participating securities		151		169		—
Convertible preferred securities		—		—		1,726
Total effect of dilutive securities		228		209		1,739
Shares for diluted net income per share		39,637		38,597		37,329
Basic net income per share	$	2.21	$	2.21	$	1.97
Diluted net income per share	$	2.20	$	2.21	$	1.94