Earnings Per Share

6 Months Ended

Jun. 30, 2016

Basic earnings per common share is computed by dividing net income available to common stockholders by the weighted average of common shares outstanding during the period. Diluted earnings per common share adjusts basic earnings per common share for the effects of stock options and restricted stock in the periods where such items are dilutive.

On January 25, 2016, the Company announced that it would proceed with an independent growth plan apart from Walmart rather than continue to acquire land from Walmart. In conjunction with this announcement, the Board of Directors approved a strategic allocation of capital for the Company to pursue new additional growth opportunities and to undertake a share repurchase program of the Company's common stock. The Board authorized up to $500 million in total for the two capital programs through December 31, 2017. For the first six months ended June 30, 2016, the Company has acquired 2,631,608 shares of common stock for an average price of $63.50 per share including brokerage fees.

The following table provides a reconciliation of basic and diluted earnings per share computations for the three and six months ended June 30, 2016 and 2015 (in thousands, except per share amounts):



	Three Months Ended June 30,				Six Months Ended June 30,
	2016		2015		2016		2015
Earnings per common share:
Net income (loss) per share - basic
Income from continuing operations	$	46,310	$	24,820	$	132,184	$	48,337
Income (loss) from discontinued operations	—		1,371		—		786
Net income attributable to common stockholders	$	46,310	$	26,191	$	132,184	$	49,123

Weighted average common shares outstanding (in thousands)	39,360		44,078		40,134		44,851
Earnings per share:
Continuing operations	$	1.18	$	0.56	$	3.29	$	1.07
Discontinued operations	—		0.03		—		0.02
Total earnings per share	$	1.18	$	0.59	$	3.29	$	1.09



Earnings per common share - assuming dilution:
Net income (loss) per share - diluted
Income from continuing operations	$	46,310	$	24,820	$	132,184	$	48,337
Income (loss) from discontinued operations	—		1,371		—		786
Net income attributable to common stockholders	$	46,310	$	26,191	$	132,184	$	49,123
Weighted average common shares outstanding (in thousands)	39,360		44,078		40,134		44,851
Common equivalent shares:
Dilutive options	360		331		371		367
Weighted average common shares outstanding - assuming dilution (in thousands)	39,720		44,409		40,505		45,218

Earnings per share:
Continuing operations	$	1.17	$	0.56	$	3.26	$	1.07
Discontinued operations	—		0.03		—		0.02
Earnings per share - assuming dilution	$	1.17	$	0.59	$	3.26	$	1.09