Earnings Per Share

9 Months Ended

Sep. 30, 2018

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,
	2018		2017		2018		2017
Numerator:
Net income	$	31,443	$	21,623	$	63,790	$	67,105
Denominator:
Weighted-average number of common shares outstanding—basic	208,758,945		200,834,910		204,520,637		200,767,104
Effect of dilutive securities:
Unvested restricted common stock	221,018		173,557		212,051		170,612
Shares related to unvested PSUs	617,074		415,933		617,074		415,933
Weighted-average number of common shares outstanding—diluted	209,597,037		201,424,400		205,349,762		201,353,649
Earnings per share:
Basic earnings per share	$	0.15	$	0.11	$	0.31	$	0.33
Diluted earnings per share	$	0.15	$	0.11	$	0.31	$	0.33