Computation of Earnings per Share (Tables)

3 Months Ended

Mar. 31, 2016

Computation of Basic and Diluted Earnings Per Share

The following table presents the Company’s computation of basic and diluted EPS for the periods indicated:


	Three Months Ended March 31,
(in thousands, except share and per share amounts)	2016			2015
Net income	$	129,909		$	119,259
Less: Dividends paid on and earnings allocated to participating securities		(979	)		(872	)

Earnings applicable to common stock	$	128,930		$	118,387


Weighted average common shares outstanding		484,605,397			441,990,338

Basic earnings per common share	$	0.27		$	0.27


Earnings applicable to common stock	$	128,930		$	118,387


Weighted average common shares outstanding		484,605,397			441,990,338
Potential dilutive common shares ⁽¹⁾		—			—

Total shares for diluted earnings per share computation		484,605,397			441,990,338

Diluted earnings per common share and common share equivalents	$	0.27		$	0.27

(1)

At March 31, 2016, there were no stock options outstanding. Options to purchase 32,400 shares of the Company’s common stock that were outstanding as of March 31, 2015 at weighted average exercise prices of $18.15 per share were excluded from the computation of diluted EPS because their inclusion would have had an antidilutive effect.