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Earnings Per Share
 12 Months Ended
Dec. 31, 2016
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):
 
Years Ended December 31,
 
2016
 
2015
 
2014
Numerator:
 
 
 
 
 
Net income
$
114,796

 
$
85,630

 
$
163,377

Denominator:
 
 
 
 
 
Weighted-average number of common shares outstanding—basic
201,079,573

 
200,796,678

 
195,943,813

   Effect of dilutive securities:
 
 
 
 
 
Unvested restricted common stock
47,468

 
129,640

 
181,310

Shares related to unvested PSUs
549,217

 
533,092

 
556,763

Unexercised stock appreciation rights

—

 
524

 
1,095

Weighted-average number of common shares outstanding—diluted
201,676,258

 
201,459,934

 
196,682,981

Earnings per share:
 
 
 
 
 
Basic earnings per share
$
0.57

 
$
0.43

 
$
0.83

Diluted earnings per share
$
0.57

 
$
0.43

 
$
0.83



We did not include the unexercised stock appreciation rights of 20,770 for the year ended December 31, 2016 as they would be anti-dilutive.