Earnings per Share

9 Months Ended

Sep. 30, 2019

Earnings per Share

Earnings per Share

10. Earnings 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					Nine Months Ended
	September 30,					September 30,
	2019			2018		2019			2018
Net income	$	27,280		$	34,937	$	68,241		$	124,232
Less income allocated to non-controlling interests		(88)			(17)		(257)			(17)
Less income allocated to participating securities:
Non-forfeitable dividends on participating securities		(93)			(89)		(279)			(268)
Income allocated to participating securities		(19)			(49)		(19)			(236)
Total net income allocated to participating securities		(112)			(138)		(298)			(504)
Net income available to common stockholders		27,080			34,782		67,686			123,711
Effect of dilutive securities:
Participating securities		—	(1)		138		—	(1)		504
Net income for diluted net income per share	$	27,080		$	34,920	$	67,686		$	124,215
Shares for basic net income per share		39,586			39,487		39,565			39,470
Effect of dilutive securities:
Stock options		4			4		4			3
Performance-based stock units		375			217		375			217
Participating securities		—	(1)		157		—	(1)		155
Total effect of dilutive securities		379			378		379			375
Shares for diluted net income per share		39,965			39,865		39,944			39,845
Basic net income per share	$	0.68		$	0.88	$	1.71		$	3.13
Diluted net income per share	$	0.68		$	0.88	$	1.69		$	3.12

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