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