NOTE 13 – 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 exercises of stock options, vesting of performance share units, vesting of restricted stock, 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):

	Years Ended December 31,
	2017			2016			2015
Numerator for EPS:
Net income	$	106,935		$	99,410		$	106,484
Less: Preferred stock dividends		(10	)		(10	)		(10	)
Income available to common stockholders	$	106,925		$	99,400		$	106,474
Denominator for EPS:
Weighted average common shares outstanding		34,841			34,919			34,799
Plus: Assumed conversion of share-based compensation (1)		943			706			1,056
Assumed conversion of preferred stock		25			25			29
Weighted average diluted common shares outstanding		35,809			35,650			35,884
Basic earnings per common share	$	3.07		$	2.85		$	3.06
Diluted earnings per common share	$	2.99		$	2.79		$	2.97
Weighted average number of antidilutive shares		1,504			1,583			311

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