Earnings Per Share

6 Months Ended

Jun. 30, 2016

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,
	2016		2015		2016		2015
Numerator:
Net income	$	44,175	$	24,822	$	60,953	$	35,464
Denominator:
Weighted-average number of common shares outstanding—basic	201,273,767		200,830,064		201,133,321		200,738,301
Effect of dilutive securities:
Unvested restricted common stock	—		80,538		81,513		143,882
Unexercised stock appreciation rights	—		1,425		—		2,212
Shares related to unvested PSUs	553,617		230,720		553,617		230,720
Weighted-average number of common shares outstanding—diluted	201,827,384		201,142,747		201,768,451		201,115,115
Earnings per share:
Basic earnings per share	$	0.22	$	0.12	$	0.30	$	0.18
Diluted earnings per share	$	0.22	$	0.12	$	0.30	$	0.18

We did not include unexercised stock appreciation rights of 20,770 for the three and six months ended June 30, 2016 as they would be anti-dilutive. We did not include the effect of unvested restricted common stock in the calculation of the diluted weighted-average number of common shares outstanding for the three months ended June 30, 2016 as it would be anti-dilutive.