Earnings Per Share

9 Months Ended

Sep. 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 September 30,				Nine Months Ended September 30,
	2016		2015		2016		2015
Numerator:
Net income	$	29,937	$	24,464	$	90,890	$	59,928
Denominator:
Weighted-average number of common shares outstanding—basic	201,297,846		200,852,072		201,188,563		200,776,641
Effect of dilutive securities:
Unvested restricted common stock	58,115		99,873		—		130,349
Unexercised stock appreciation rights	—		—		—		1,387
Shares related to unvested PSUs	383,643		215,714		383,643		215,714
Weighted-average number of common shares outstanding—diluted	201,739,604		201,167,659		201,572,206		201,124,091
Earnings per share:
Basic earnings per share	$	0.15	$	0.12	$	0.45	$	0.30
Diluted earnings per share	$	0.15	$	0.12	$	0.45	$	0.30

We did not include unexercised stock appreciation rights of 20,770 for the three and nine months ended September 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 nine months ended September 30, 2016 as it would be anti-dilutive.