The Company’s unvested share-based payment awards that contain nonforfeitable rights to dividends or dividend equivalents (whether paid or unpaid) are deemed participating securities and are included in the computation of earnings per share under the -class method when the effect is dilutive.

 

The following table presents the calculation of basic and diluted earnings per common share (in thousands, except per share amounts):

 

		Year Ended December 31,
		2019				2018				2017
Net income		$	74,086			$	248,827			$	79,682
Less portion allocated to nonvested shares			1,371				9,727				3,244
Net income allocated to common shares		$	72,715			$	239,100			$	76,438
Weighted average common shares outstanding			140,583				139,002				137,617
Basic and diluted earnings per common share		$	0.52			$	1.72			$	0.56