EARNINGS PER SHARE
The weighted average number of common shares outstanding is as follows for each of the years in the three-year period ended December 31, 2017:
|
| | | | | |
| 2017 | | 2016 | | 2015 |
Basic | 59,072,119 | | 58,727,751 | | 59,690,968 |
Effect of stock options | 371,933 | | 473,446 | | 808,928 |
Effect of PSUs | 143,717 | | 1,168,030 | | 610,737 |
Diluted | 59,587,769 | | 60,369,227 | | 61,110,633 |
There were no stock options that were anti-dilutive and excluded from the diluted earnings per share calculations for the years ended December 31, 2017, 2016 and 2015.
The effect of PSUs included in the calculation of weighted average diluted shares outstanding includes the following for each of the years in the three-year period ended December 31, 2017:
|
| | | | | |
| 2017 | | 2016 | | 2015 |
PSUs which met the performance criteria | 885,879 | | 892,077 | | 498,040 |
The PSU plan was amended on February 17, 2017 to provide for only cash settlement of awards. Prior to the amendment, PSUs were to be settled in common shares of the Company. Refer to Note 2 for a discussion of the impact on the calculation of earnings per share prior to February 17, 2017 and subsequent to February 17, 2017.
