ANNUAL REPORT 2017
EXPLORE OUR PERSPECTIVES

NOTE 23. EARNINGS PER SHARE

Basic net earnings per common share is calculated by dividing net income attributable to common shareholders by the weighted average number of common shares outstanding for that period. The dilutive effect is calculated using the treasury stock method. The calculation of diluted net income per share assumes the exercise of options issued under our stock option plans (and the issuance of shares under our share plans) for periods in which exercises (or issuances) would have a dilutive effect. The calculation of diluted net income per share does not assume exercise of options (or issuance of shares) when such exercises (or issuances) would be anti-dilutive.

The calculation of basic and diluted net income per share attributable to common shareholders is based on the following data:

 December 31,
 20162017
Net earnings used for purposes of calculating net income per common share
Net earnings from operations135,471452,402
Basic weighted average number of shares outstanding during the year (thousands)60,61658,573
Effect of dilutive potential common shares from stock options and restricted shares637752
Dilutive weighted average number of shares outstanding61,25359,325
Basic net earnings per share:
from operations2.237.72
Diluted net earnings per share:
from operations2.217.63