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,
	2017		2016		2015
Numerator:
Net income	$	91,877	$	114,796	$	85,630
Denominator:
Weighted-average number of common shares outstanding—basic	200,784,450		201,079,573		200,796,678
Effect of dilutive securities:
Unvested restricted common stock	188,759		47,468		129,640
Shares related to unvested PSUs	548,259		549,217		533,092
Unexercised stock appreciation rights	—		—		524
Weighted-average number of common shares outstanding—diluted	201,521,468		201,676,258		201,459,934
Earnings per share:
Basic earnings per share	$	0.46	$	0.57	$	0.43
Diluted earnings per share	$	0.46	$	0.57	$	0.43

We did not include the unexercised stock appreciation rights of 20,770 for the years ended December 31, 2017 and 2016 as they would be anti-dilutive.