Earnings Per Share

12 Months Ended

Dec. 31, 2016

9. Earnings Per Share

Basic earnings per share is calculated by dividing income available to common shareholders by the weighted-average number of shares of common stock outstanding during each period. Diluted earnings per share (“diluted EPS”) is calculated using income available to common shareholders divided by diluted weighted-average shares of common stock outstanding during each period. Potentially dilutive securities include shares of common stock underlying SOSARs and non-vested stock awards (collectively “stock awards”). Diluted EPS considers the impact of potentially dilutive securities except in periods in which there is a loss because the inclusion of the potential common shares would have an anti-dilutive effect. Stock awards are excluded from the calculation of diluted EPS in the event they are subject to performance conditions or antidilutive. The following stock awards were excluded from the calculation of diluted EPS:



	Year ended December 31,
	2016		2015		2014
Stock awards subject to performance conditions		263		266		385
Stock awards that were antidilutive		1,316		289		232
Total stock awards excluded from diluted earnings per share		1,579		555		617

The following table sets forth the computations of basic and diluted earnings per share:



	Year ended December 31,
	2016		2015		2014
Net income	$	22,938	$	475,602	$	445,374
Shares:
Weighted average number of common shares outstanding		29,265		31,092		31,038
Dilutive stock awards		505		402		474
Diluted weighted average number of common shares outstanding		29,770		31,494		31,512
Basic earnings per share	$	0.78	$	15.30	$	14.35
Diluted earnings per share	$	0.77	$	15.10	$	14.13