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Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2018

Computation of Basic and Diluted Earnings Per Share

The computations of the Company’s basic and diluted earnings per share are set forth below (in thousands, except per share amounts):

	Year Ended December 31,
	2018		2017 ⁽¹⁾		2016 ⁽¹⁾
Net income	$	38,809	$	224,443	$	176,370
Basic weighted-average common shares outstanding		70,318		71,661		71,588
Effect of dilutive stock-based compensation awards		229		66		—
Diluted weighted-average common shares outstanding		70,547		71,727		71,588
Earnings per share, basic	$	0.55	$	3.13	$	2.46
Earnings per share, diluted		0.55		3.13		2.46

(1)

As of the date of the Separation on May 31, 2017, the total shares outstanding are 71.6 million. For the year ended December 31, 2016, the 71.6 million shares are utilized for the calculation of both basic and diluted earnings per share, as no shared-based awards were outstanding prior to the Separation date. In addition, for the year ended December 31, 2017, the calculation of both basic and diluted earnings per share includes the 71.6 million shares as the shares outstanding during the period of January 1, 2017 through May 31, 2017.