Earnings Per Share

We had 24,832 shares of nonvested restricted stock at September 30, 2018 and 23,615 shares of nonvested restricted stock at September 30, 2017 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 yields 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.



	Third Quarter Ended September 30,				Nine Months Ended September 30,
(in thousands, except per-share amounts)	2018		2017		2018		2017
Earnings per share numerator:
Net income attributable to common shareholders before allocation of earnings to participating securities	$	58,481	$	59,772	$	171,931	$	186,437
Earnings allocated to participating securities	121		118		340		370
Net income attributable to common shareholders after allocation of earnings to participating securities	$	58,360	$	59,654	$	171,591	$	186,067
Earnings per share denominator:
Weighted-average number of shares of common stock outstanding - basic and diluted	11,409		11,829		11,606		11,829
Earnings per share - basic and diluted	$	5.12	$	5.04	$	14.78	$	15.73