Earnings Per Share

3 Months Ended

Mar. 31, 2016

We had 26,804 shares of nonvested restricted stock and restricted stock units at March 31, 2016 and 30,026 shares of nonvested restricted stock at March 31, 2015 that were excluded from the calculation of diluted earnings per share, as their effect on earnings per share would be anti-dilutive.

The nonvested restricted stock is considered a participating security since the restricted stock contains nonforfeitable rights to dividends. As such, we use the two-class method to compute basic and diluted earnings per share for all periods presented since this method yielded a more dilutive result than the treasury-stock method. The following table illustrates the earnings allocation method utilized in the calculation of basic and diluted earnings per share.



	Three Months Ended March 31,
(in thousands, except per-share amounts)	2016		2015
Earnings per share numerator:
Net income attributable to common shareholders before allocation of earnings to participating securities	$	61,931	$	63,947
Earnings allocated to participating securities	131		142
Net income attributable to common shareholders after allocation of earnings to participating securities	$	61,800	$	63,805
Earnings per share denominator:
Weighted-average number of shares of common stock outstanding - basic and diluted	11,839		12,413
Earnings per share - basic and diluted	$	5.22	$	5.14