Earnings Per Share

9 Months Ended

Sep. 30, 2015

Note 8 — Earnings Per Share

The following table is a reconciliation of the weighted average shares used in the computation of earnings per share for the periods presented (in thousands, except per share data):

	Three Months Ended September 30,
	2014						2015
	Income		Weighted Average Shares		Per-Share		Income		Weighted Average Shares		Per- Share
Earnings per share – basic
Net income available to common stockholders	$	44,069		18,897	$	2.33	$	45,845		18,559	$	2.47
Effect of dilutive securities:
Convertible senior notes		2,442		26,055				1,779		23,369
Unvested performance stock grants		—		—				—		409
Unvested restricted stock grants		—		200				—		225

Earnings per share – diluted
Net income available to common stockholders plus assumed exercises and conversion	$	46,511		45,152	$	1.03	$	47,624		42,562	$	1.12

	Nine Months Ended September 30,
	2014						2015
	Income		Weighted Average Shares		Per-Share		Income		Weighted Average Shares		Per- Share
Earnings per share – basic
Net income available to common stockholders	$	18,711		20,721	$	0.90	$	32,584		18,929	$	1.72
Effect of dilutive securities:
Convertible senior notes		5,456		19,063				5,516		23,369
Unvested performance stock grants		—		—				—		284
Unvested restricted stock grants		—		167				—		155
Earnings per share – diluted
Net income available to common stockholders plus assumed exercises and conversion	$	24,167		39,951	$	0.61	$	38,100		42,737	$	0.89

Basic earnings per share is calculated using the weighted average number of common shares outstanding during the period. Diluted earnings per share is calculated using the weighted average number of common shares and common share equivalents outstanding during the period (which consist of warrants, options and convertible debt to the extent they are dilutive). The weighted average number of common shares outstanding excludes shares repurchased pursuant to a prepaid forward share repurchase agreement (See Note 9). Common share equivalents that could potentially dilute basic earnings per share in the future, which were excluded from the computation of diluted earnings per share due to being anti-dilutive, totaled approximately 1,587,361 and 1,500,000 for the three months ended September 30, 2014 and 2015, respectively, and approximately 1,608,764 and 1,500,000 for the nine months ended September 30, 2014 and 2015, respectively.