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Net Earnings Per Share | 12 Months Ended
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Dec. 31, 2019
Net Earnings Per Share |
Net Earnings Per Share | Note 9. Net Earnings Per Share Basic net earnings per share is computed by dividing net income by the weighted average number of common shares outstanding for the period. Diluted earnings per share reflects the potential dilution that would occur if securities or other contracts to issue common stock were exercised or converted into common stock; however, potential common equivalent shares are excluded if the effect of including these shares would be anti-dilutive. The Company’s two classes of common stock, Class A and Class B Non-Voting, have equal rights to dividends and income, and therefore, basic and diluted earnings per share are the same for each class of common stock. As of December 31, 2019, we did not have any Class B Non-Voting common stock outstanding. Diluted net earnings per share takes into account the potential conversion of stock options, restricted stock units, and warrants using the treasury stock method and convertible notes using the if-converted method. For the years ended December 31, 2019, 2018, and 2017, the Company did not exclude any potentially dilutive securities, whose effect would have been anti-dilutive, from the computation of diluted earnings per share. In addition, the Company excluded 945,565, 931,943, and 1,085,048 shares related to restricted stock units for which the performance metric had yet to be achieved as of December 31, 2019, 2018, and 2017, respectively. The following table sets forth the reconciliation of basic and diluted net earnings per share: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Year Ended |  | Year Ended |  | Year Ended
​ | ​ | December 31, 2019 | ​ | December 31, 2018 | ​ | December 31, 2017
​ | ​ | (in thousands, except share and per share amounts)
Basic earnings per share: | ​ | ​
Numerator | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net income | ​ | $ | 587,121 | ​ | $ | 510,835 | ​ | $ | 756,152
Preferred stock dividends | ​ | ​ | (11,958) | ​ | ​ | — | ​ | ​ | —
Net income available to common stockholders | ​ | ​ | 575,163 | ​ | ​ | 510,835 | ​ | ​ | 756,152
Denominator | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Weighted-average common shares outstanding | ​ |  | 111,895,433 | ​ |  | 104,716,301 | ​ |  | 103,189,175
Basic earnings per share | ​ | $ | 5.14 | ​ | $ | 4.88 | ​ | $ | 7.33
Diluted earnings per share: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Numerator | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net income | ​ | $ | 587,121 | ​ | $ | 510,835 | ​ | $ | 756,152
Preferred stock dividends | ​ | ​ | (11,958) | ​ | ​ | — | ​ | ​ | —
Assumed conversion of convertible senior notes | ​ |  | — | ​ |  | 6,219 | ​ |  | 5,842
Net income available to common stockholders plus assumed conversions | ​ | $ | 575,163 | ​ | $ | 517,054 | ​ | $ | 761,994
Denominator | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Number of shares used in basic computation | ​ |  | 111,895,433 | ​ |  | 104,716,301 | ​ |  | 103,189,175
Weighted-average effect of dilutive securities | ​ |  | 1,190,890 | ​ |  | 7,647,030 | ​ |  | 8,468,389
Number of shares used in per share computation | ​ |  | 113,086,323 | ​ |  | 112,363,331 | ​ |  | 111,657,564
Diluted earnings per share | ​ | $ | 5.09 | ​ | $ | 4.60 | ​ | $ | 6.82
​

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