10. Earnings Per Share

Basic earnings per share (“EPS”) is based on the weighted average number of common shares outstanding for the period, excluding any dilutive common share equivalents. Diluted EPS reflects the potential dilution resulting from the exercise of stock options, vesting of restricted stock, vesting of performance share units, and conversion of preferred stock.

The following table reconciles the numerator (i.e., income) and denominator (i.e., shares) of the basic and diluted earnings per share computations for the periods presented (in thousands, except per share data):

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2017			2016			2017			2016
Numerator for EPS:
Net income	$	29,376		$	33,647		$	60,575		$	58,873
Less: Preferred stock dividends		(2	)		(3	)		(5	)		(5	)
Income available to common stockholders	$	29,374		$	33,644		$	60,570		$	58,868
Denominator for EPS:
Weighted average common shares outstanding		34,959			35,062			35,049			34,795
Plus: Assumed conversion of stock-based compensation (1)		974			562			987			755
Assumed conversion of preferred stock		25			25			25			25
Weighted average diluted common shares outstanding		35,958			35,649			36,061			35,575
Basic earnings per common share	$	0.84		$	0.96		$	1.73		$	1.69
Diluted earnings per common share	$	0.82		$	0.94		$	1.68		$	1.65

(1)	Represents the dilutive effect of unvested Restricted Stock, unvested Performance Share Units and unexercised Stock Options.