Earnings Per Share

9 Months Ended

Sep. 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 September 30,				Nine Months Ended September 30,
	2015		2014		2015		2014
Numerator:
Net income	$	24,464	$	43,808	$	59,928	$	99,762
Denominator:
Weighted-average number of common shares outstanding—basic	200,852,072		195,796,772		200,776,641		195,733,185
Effect of dilutive securities:
Unvested restricted common stock	99,873		215,834		130,349		193,477
Unexercised stock appreciation rights	—		7,512		1,387		—
Shares related to unvested PSUs	215,714		414,655		215,714		414,655
Weighted-average number of common shares outstanding—diluted	201,167,659		196,434,773		201,124,091		196,341,317
Earnings per share:
Basic earnings per share	$	0.12	$	0.22	$	0.30	$	0.51
Diluted earnings per share	$	0.12	$	0.22	$	0.30	$	0.51

We did not include unexercised stock appreciation rights of 20,770 and 262,461 for the three months ended September 30, 2015 and the nine months ended September 30, 2014, respectively, as they would be anti-dilutive.