EARNINGS PER SHARE

The computation of earnings per share from operations is as follows:



	For the Year Ended December 31,
In thousands, except per share data	2018			2017			2016
Numerator
Numerator for basic and diluted earnings per common share - net income attributable
to Wabtec shareholders	$	294,944		$	262,261		$	304,887
Less: dividends declared - common shares and non-vested restricted stock	(46,277		)	(42,218		)	(32,430		)
Undistributed earnings	248,667			220,043			272,457
Percentage allocated to common shareholders (1)	99.7		%	99.7		%	99.7		%
	247,921			219,383			271,640
Add: dividends declared - common shares	46,173			42,092			32,333
Numerator for basic and diluted earnings per common share	$	294,094		$	261,475		$	303,973
Denominator
Denominator for basic earnings per common share - weighted average shares	95,994			95,453			90,359
Effect of dilutive securities:
Assumed conversion of dilutive stock-based compensation plans	470			672			782
Denominator for diluted earnings per common share - adjusted weighted average
shares and assumed conversion	96,464			96,125			91,141
Net income per common share attributable to Wabtec shareholders
Basic	$	3.06		$	2.74		$	3.37
Diluted	$	3.05		$	2.72		$	3.34

(1) Basic weighted-average common shares outstanding	95,994			95,453			90,359
Basic weighted-average common shares outstanding and non-vested restricted
stock expected to vest	96,281			95,740			90,627
Percentage allocated to common shareholders	99.7		%	99.7		%	99.7		%

Options to purchase approximately 135,000, 24,000, and 20,000 shares of Common Stock were outstanding in 2018, 2017 and 2016, respectively, but were not included in the computation of diluted earnings because their impact would have been antidilutive.