Earnings per Share

Basic earnings per share is computed by dividing net income, after the deduction of preferred stock dividends and undistributed earnings allocated to participating securities, by the weighted average number of common shares outstanding during the period. Diluted earnings per share assumes the issuance of common stock for all potentially dilutive share equivalents outstanding not classified as participating securities. Participating securities are defined as unvested stock-based payment awards that contain nonforfeitable rights to dividends.



(In thousands, except per share amounts)	2018			2017			2016
Net income attributable to continuing operations	$	124,150		$	26,027		$	92,691
Preferred stock dividends	(42		)	(42		)	(42		)
Income from continuing operations available to common equity	124,108			25,985			92,649
Dividends and undistributed earnings allocated to participating securities	(117		)	(62		)	(144		)
Income from continuing operations available to common shareholders	123,991			25,923			92,505

Net loss attributable to discontinued operations	$	—		$	—		$	(755	)
Preferred stock dividends	—			—			—
Loss from discontinued operations available to common equity	—			—			(755		)
Dividends and undistributed earnings allocated to participating securities	—			—			1
Loss from discontinued operations available to common shareholders	—			—			(754		)

Basic weighted-average shares outstanding	38,362			37,997			37,456
Stock options and other stock compensation	599			700			530
Diluted weighted-average shares outstanding	38,961			38,697			37,986

Antidilutive stock options	—			—			—

Earnings per share attributable to continuing operations:
Basic	$	3.23		$	0.68		$	2.47
Diluted	$	3.18		$	0.67		$	2.44

Loss per share attributable to discontinued operations:
Basic	$	—		$	—		$	(0.02	)
Diluted	$	—		$	—		$	(0.02	)