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Computation of Earnings per Share | 9 Months Ended
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Sep. 30, 2016
Computation of Earnings per Share | Note 2. Computation of Earnings per Share Basic earnings per share (“EPS”) is computed by dividing net income by the weighted average number of common shares outstanding during the period. Diluted EPS is computed using the same method as basic EPS, however, the computation would reflect any potential dilution that would occur if outstanding in-the-money stock options were exercised and converted into common stock. Unvested stock-based compensation awards containing non-forfeitable rights to dividends are considered participating securities, and therefore are included in the two-class method for calculating EPS. Under the two-class method, all earnings (distributed and undistributed) are allocated to common shares and participating securities based on their respective rights to receive dividends. The Company grants restricted stock to certain employees under its stock-based compensation plans. Recipients receive cash dividends during the vesting periods of these awards, including on the unvested portion of such awards. Since these dividends are non-forfeitable, the unvested awards are considered participating securities and therefore have earnings allocated to them. The following table presents the Company’s computation of basic and diluted EPS for the periods indicated:
|  | Three Months Ended |  |  | Nine Months Ended |
|  | September 30, |  |  | September 30, |
(in thousands, except share and per share data) |  | 2016 |  |  | 2015 |  |  | 2016 |  |  | 2015 |
Net income |  | $ | 125,299 |  |  | $ | 114,688 |  |  | $ | 381,668 |  |  | $ | 357,651 |
Less: Dividends paid on and earnings allocated to participating securities |  |  | (973 | ) |  |  | (834 | ) |  |  | (2,928 | ) |  |  | (2,594 | )
Earnings applicable to common stock |  | $ | 124,326 |  |  | $ | 113,854 |  |  | $ | 378,740 |  |  | $ | 355,057 |
Weighted average common shares outstanding |  |  | 485,352,998 |  |  |  | 442,707,699 |  |  |  | 485,087,197 |  |  |  | 442,475,699 |
Basic earnings per common share |  | $ | 0.26 |  |  | $ | 0.26 |  |  | $ | 0.78 |  |  | $ | 0.80 |
Earnings applicable to common stock |  | $ | 124,326 |  |  | $ | 113,854 |  |  | $ | 378,740 |  |  | $ | 355,057 |
Weighted average common shares outstanding |  |  | 485,352,998 |  |  |  | 442,707,699 |  |  |  | 485,087,197 |  |  |  | 442,475,699 |
Potential dilutive common shares (1) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Total shares for diluted earnings per share computation |  |  | 485,352,998 |  |  |  | 442,707,699 |  |  |  | 485,087,197 |  |  |  | 442,475,699 |
Diluted earnings per common share and common share equivalents |  | $ | 0.26 |  |  | $ | 0.26 |  |  | $ | 0.78 |  |  | $ | 0.80 |
(1) | At September 30, 2016, there were no stock options outstanding.

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- Definition The entire disclosure for earnings per share. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 45 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=64863997&loc=d3e1278-109256 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 45 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=64863997&loc=d3e1252-109256 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 55 -Paragraph 52 -URI http://asc.fasb.org/extlink&oid=65016374&loc=d3e4984-109258 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 225 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.21) -URI http://asc.fasb.org/extlink&oid=63488584&loc=d3e20235-122688 + Details
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