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Earnings Per Share
 6 Months Ended
Jun. 30, 2017
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):
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2017
 
2016
 
2017
 
2016
Numerator:
 
 
 
 
 
 
 
Net income
$
36,595

 
$
44,175

 
$
45,482

 
$
60,953

Denominator:
 
 
 
 
 
 
 
Weighted-average number of common shares outstanding—basic
200,810,323

 
201,273,767

 
200,732,639

 
201,133,321

Effect of dilutive securities:
 
 
 
 
 
 
 
Unvested restricted common stock
99,677

 
—

 
165,483

 
81,513

Shares related to unvested PSUs
831,394

 
553,617

 
831,394

 
553,617

Weighted-average number of common shares outstanding—diluted
201,741,394

 
201,827,384

 
201,729,516

 
201,768,451

Earnings per share:


 
 
 


 


Basic earnings per share
$
0.18

 
$
0.22

 
$
0.23

 
$
0.30

Diluted earnings per share
$
0.18

 
$
0.22

 
$
0.23

 
$
0.30



We did not include unexercised stock appreciation rights of 20,770 for the three and six months ended June 30, 2017 and 2016 as they would be anti-dilutive.