Earnings per Share

3 Months Ended

Mar. 31, 2018

Earnings per Share

The below table contains a reconciliation of net income before noncontrolling interest to net income available for common stockholders:



	Three Months Ended March 31,
(in thousands)	2018			2017
Income before income taxes and noncontrolling interest	$	468,536		$	23,882
Provision for income taxes	58,514			2,808
Net income	410,022			21,074

Noncontrolling interest	(235,271		)	(16,494		)

Net income available for common stockholders	$	174,751		$	4,580

The calculation of basic and diluted earnings per share is presented below:



	Three Months Ended March 31,
(in thousands, except for share or per share data)	2018			2017
Basic earnings per share:
Net income available for common stockholders	$	174,751		$	4,580

Less: Dividends and undistributed earnings allocated to participating securities	(3,213		)	(353		)
Net income available for common stockholders, net of dividends and undistributed earnings allocated to participating securities	171,538			4,227

Weighted average shares of common stock outstanding:
Class A	90,699,321			40,398,381

Basic Earnings per share	$	1.89		$	0.10



	Three Months Ended March 31,
(in thousands, except for share or per share data)	2018		2017
Diluted earnings per share:
Net income available for common stockholders, net of dividends and undistributed earnings allocated to participating securities	$	171,538	$	4,227

Weighted average shares of common stock outstanding:
Class A
Issued and outstanding	90,699,321		40,398,381
Issuable pursuant to 2015 Management Incentive Plan(1)	1,706,996		—
	92,406,317		40,398,381

Diluted Earnings per share	$	1.86	$	0.10


(1)	The dilutive impact of unexercised stock options excludes from the computation of EPS 774,529 options for the three months ended March 31, 2017, because inclusion of the options would have been anti-dilutive.