Earnings Per Share

9 Months Ended

Sep. 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 nine months ended September 30, 2016, the Company has acquired 3,238,760 shares of common stock for an average price of $65.56 per share including brokerage fees.

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



	Three Months Ended September 30,				Nine Months Ended September 30,
	2016		2015		2016		2015
Earnings per common share:
Net income (loss) per share - basic
Income from continuing operations	$	45,491	$	60,021	$	177,675	$	108,358
Income (loss) from discontinued operations	—		510		—		1,296
Net income attributable to common stockholders	$	45,491	$	60,531	$	177,675	$	109,654

Weighted average common shares outstanding (in thousands)	38,896		42,437		39,719		44,038
Earnings per share:
Continuing operations	$	1.17	$	1.41	$	4.47	$	2.46
Discontinued operations	—		0.01		—		0.03
Total earnings per share	$	1.17	$	1.42	$	4.47	$	2.49



Earnings per common share - assuming dilution:
Net income (loss) per share - diluted
Income from continuing operations	$	45,491	$	60,021	$	177,675	$	108,358
Income (loss) from discontinued operations	—		510		—		1,296
Net income attributable to common stockholders	$	45,491	$	60,531	$	177,675	$	109,654
Weighted average common shares outstanding (in thousands)	38,896		42,437		39,719		44,038
Common equivalent shares:
Dilutive options	278		323		270		351
Weighted average common shares outstanding - assuming dilution (in thousands)	39,174		42,760		39,989		44,389

Earnings per share:
Continuing operations	$	1.16	$	1.40	$	4.44	$	2.44
Discontinued operations	—		0.01		—		0.03
Earnings per share - assuming dilution	$	1.16	$	1.41	$	4.44	$	2.47