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EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended
--- | --- | ---
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015
Numerator: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income | $ 24,181 | [1] | $ 106,126 | [2] | $ 61,352 | [3] | $ 55,844 | [4] | $ 53,395 | [1] | $ 60,049 | [2] | $ 31,317 | [3] | $ 53,638 | [4] | $ 247,503 | $ 198,399 | $ 127,478
Denominator: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic weighted average shares outstanding (in shares) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 65,739,000 | 67,462,000 | 74,111,000
Effect of dilutive securities - stock options and awards (in shares) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 904,000 | 694,000 | 743,000
Diluted weighted average shares outstanding (in shares) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 66,643,000 | 68,156,000 | 74,854,000
Basic earnings per share (in dollars per share) | $ 0.37 | [5] | $ 1.61 | [5] | $ 0.93 | [5] | $ 0.85 | [5] | $ 0.81 | [5] | $ 0.90 | [5] | $ 0.46 | [5] | $ 0.77 | [5] | $ 3.76 | $ 2.94 | $ 1.72
Diluted earnings per share (in dollars per share) | $ 0.36 | [5] | $ 1.59 | [5] | $ 0.92 | [5] | $ 0.84 | [5] | $ 0.81 | [5] | $ 0.89 | [5] | $ 0.45 | [5] | $ 0.76 | [5] | $ 3.71 | $ 2.91 | $ 1.70
Anti-dilutive shares excluded from the computation of diluted earnings per share |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 157,033 | 774,502 | 522,471
[1] | 2017 includes special item charges of $2,867 ($1,770 after-tax) for pension settlement charges, $6,590 ($6,198 after-tax) for rationalization and asset impairment charges, $28,616 for the net impact of the U.S. Tax Act and acquisition-related items including $2,264 ($1,708 after-tax) in amortization of step up in value of acquired inventories, $3,616 ($3,102 after-tax) for acquisition transaction and integration costs and a $1,935 adjustment to the bargain purchase gain.
[2] | 2017 includes special item charges of $5,283 ($3,260 after-tax) for pension settlement charges and acquisition-related items including $2,314 ($1,745 after-tax) in amortization of step up in value of acquired inventories, $3,273 ($2,229 after-tax) for acquisition transaction and integration costs and a $51,585 bargain purchase gain.
[3] | 2017 includes special item charges of $4,498 ($3,494 after-tax) related to acquisition transaction and integration costs.2016 includes special item charges of $34,348 ($33,251 after-tax) primarily related to the loss on deconsolidation of Venezuelan subsidiary and a tax benefit of $7,196 related to the reversal of an income tax valuation allowance as a result of a legal entity change to realign the Company's tax structure.
[4] | 2017 includes special item charges of $3,615 ($2,734 after-tax) related to acquisition transaction costs.
[5] | The quarterly earnings per share ("EPS") amounts are each calculated independently. Therefore, the sum of the quarterly EPS amounts may not equal the annual totals.

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