Earnings Per Share

6 Months Ended

Jun. 30, 2015

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 June 30,				Six Months Ended June 30,
	2015		2014		2015		2014
Numerator:
Net income	$	24,822	$	51,916	$	35,464	$	55,953
Denominator:
Weighted-average number of common shares outstanding—basic	200,830,064		195,776,924		200,738,301		195,700,864
Effect of dilutive securities:
Unvested restricted common stock	80,538		134,737		143,882		181,803
Unexercised stock appreciation rights	1,425		—		2,212		—
Shares related to unvested PSUs	230,720		335,057		230,720		335,057
Weighted-average number of common shares outstanding—diluted	201,142,747		196,246,718		201,115,115		196,217,724
Earnings per share:
Basic earnings per share	$	0.12	$	0.27	$	0.18	$	0.29
Diluted earnings per share	$	0.12	$	0.26	$	0.18	$	0.29

We did not include unexercised stock appreciation rights of 262,461 in our calculation of diluted earnings per share for the three and six months ended June 30, 2014 as they would be anti-dilutive.