Earnings per Share (Tables)

6 Months Ended

Jun. 30, 2019

Earnings per Share

Schedule of basic and diluted net income per share

The following table sets forth the computation of basic and diluted net income per share (in thousands, except per share amounts):

	Three Months Ended					Six Months Ended
	June 30,					June 30,
	2019			2018		2019			2018
Net income	$	20,534		$	68,936	$	40,961		$	89,295
Less income allocated to non-controlling interests		(88)			—		(169)			—
Less income allocated to participating securities:
Non-forfeitable dividends on participating securities		(94)			(91)		(186)			(179)
Income allocated to participating securities		—			(187)		—			(187)
Total net income allocated to participating securities		(94)			(278)		(186)			(366)
Net income available to common stockholders		20,352			68,658		40,606			88,929
Effect of dilutive securities:
Participating securities		—	(1)		278		—	(1)		366
Net income for diluted net income per share	$	20,352		$	68,936	$	40,606		$	89,295
Shares for basic net income per share		39,577			39,471		39,555			39,461
Effect of dilutive securities:
Stock options		5			2		5			2
Performance-based stock units		187			132		187			132
Participating securities		—	(1)		160		—	(1)		155
Total effect of dilutive securities		192			294		192			289
Shares for diluted net income per share		39,769			39,765		39,747			39,750
Basic net income per share	$	0.51		$	1.74	$	1.03		$	2.25
Diluted net income per share	$	0.51		$	1.73	$	1.02		$	2.25

(1) For the three and six months ended June 30, 2019, the participating securities have been excluded from the computation of diluted net income per share as such inclusion would be anti-dilutive.