Basic and Diluted Earnings per Common Share

(Amounts in thousands, except per share data)



	Three Months Ended September 30,						Nine Months Ended September 30,
	2016			2015			2016			2015
Basic earnings per common share
Net income	$	48,892		$	45,268		$	148,809		$	133,174
Net income allocated to participating stockholders ⁽¹⁾	(379		)	(354		)	(1,207		)	(1,195		)
Net income allocated to common stockholders	$	48,513		$	44,914		$	147,602		$	131,979
Weighted-average common shares outstanding	79,007			78,144			78,803			77,834
Basic earnings per common share	$	0.61		$	0.58		$	1.87		$	1.70
Diluted earnings per common share
Diluted earnings applicable to common stockholders ⁽²⁾	$	48,520		$	44,922		$	147,623		$	131,997
Weighted-average diluted common shares outstanding:
Weighted-average common shares outstanding	79,007			78,144			78,803			77,834
Dilutive effect of stock awards ⁽³⁾	1,666			1,257			1,480			1,193
Weighted-average diluted common shares outstanding	80,673			79,401			80,283			79,027
Diluted earnings per common share	$	0.60		$	0.57		$	1.84		$	1.67


⁽¹⁾	Participating stockholders are those that hold certain share-based payment awards that contain nonforfeitable rights to dividends or dividend equivalents. Such shares or units are considered participating securities (i.e., certain of the Company’s deferred, restricted stock and performance share units, and nonvested restricted stock awards).


⁽²⁾	Net income allocated to common stockholders for basic and diluted earnings per share may differ under the two-class method as a result of adding common stock equivalents for options to dilutive shares outstanding, which alters the ratio used to allocate earnings to common stockholders and participating securities for the purposes of calculating diluted earnings per share.

⁽³⁾

For the three months ended September 30, 2016 and 2015, the weighted-average outstanding non-participating securities of 257,000 and 240,000 shares, respectively, and for the nine months ended September 30, 2016 and 2015, the weighted-average outstanding non-participating securities of 386,000 and 401,000 shares, respectively, were not included in the computation of diluted earnings per common share because their inclusion would have been antidilutive for the periods presented.