Earnings Per Share

3 Months Ended

Mar. 31, 2018

The Company reports basic and diluted earnings per share. Basic earnings per share is computed by dividing net income attributable to shareholders of the Company by the weighted average number of common shares outstanding during the reported period. Diluted earnings per share reflect the potential dilution related to equity-based incentives using the treasury stock method. The calculation and reconciliation of basic and diluted earnings per share for the three month period ended March 31 follows (in thousands, except per share data):



	Three Months Ended March 31,
	2018		2017
Net income	$	174,937	$	123,693
Denominator for basic earnings per share	89,765		92,108
Dilutive securities	3,485		2,452
Denominator for diluted earnings per share	93,250		94,560
Basic earnings per share	$	1.95	$	1.34
Diluted earnings per share	$	1.88	$	1.31

There were 0.8 million anti-dilutive shares during the three months ended 2017. Diluted earnings per share also excludes the effect of 0.2 million shares of performance based restricted stock for which the performance criteria have not yet been achieved for both the three month periods ended March 31, 2018 and 2017, respectively.