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Earnings Per Share
 3 Months Ended
Mar. 31, 2015
Earnings Per Share [Abstract]  
Earnings Per Share
Earnings Per Share

Basic earnings per share is calculated by dividing net income available to common stockholders by the weighted-average number of common shares outstanding. Diluted earnings per share is calculated by dividing net income available to common stockholders that has been adjusted for dilutive securities, by the weighted-average number of common shares outstanding including dilutive securities.

The following is a reconciliation of the calculation of basic and diluted earnings per share (in thousands, except share and per share data):
 
Three Months Ended March 31,
 
2015
 
2014
Numerator:
 
 
 
Net income
$
10,641

 
$
4,037

Denominator:
 
 
 
Weighted-average number of common shares outstanding—basic
200,645,518

 
195,623,959

Effect of dilutive securities:
 
 
 
Unvested restricted common stock
203,077

 
205,363

Unexercised stock appreciation rights
2,946

 
—

Shares related to unvested PSUs
270,692

 
575,733

Weighted-average number of common shares outstanding—diluted
201,122,233

 
196,405,055

Earnings per share:


 
 
Basic earnings per share
$
0.05

 
$
0.02

Diluted earnings per share
$
0.05

 
$
0.02



We did not include unexercised stock appreciation rights of 262,461 in our calculation of diluted earnings per share for the three months ended March 31, 2014 as they would be anti-dilutive.