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Earnings Per Share
 12 Months Ended
Dec. 31, 2013
Earnings Per Share [Abstract]  
Earnings Per Share

8. Earnings Per Share

Basic earnings per share is calculated by dividing income available to common shareholders by the weighted-average number of shares of common stock outstanding during each period. Diluted earnings per share (“diluted EPS”) is calculated using income available to common shareholders divided by diluted weighted-average shares of common stock outstanding during each period. Potentially dilutive securities include shares of common stock underlying stock options, SOSARs and non-vested stock awards (collectively “stock awards”). Diluted EPS considers the impact of potentially dilutive securities except in periods in which there is a loss because the inclusion of the potential common shares would have an anti-dilutive effect. Stock awards of 393,  360 and 240 were excluded from the calculation of 2013, 2012 and 2011 diluted EPS, respectively, because they were anti-dilutive. In addition, 381,  449 and 224 stock awards subject to performance conditions were excluded from the 2013, 2012 and 2011 calculations of diluted EPS. The following table sets forth the computations of basic and diluted earnings per share:  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year ended December 31

 

2013

 

2012

 

2011

Net income

$
327,438 

 

$
278,000 

 

$
214,945 

Shares:

 

 

 

 

 

 

 

 

Weighted average number of common shares outstanding

 
30,957 

 

 
31,513 

 

 
31,217 

Dilutive stock awards

 
324 

 

 
270 

 

 
558 

Diluted weighted average number of common shares outstanding

 
31,281 

 

 
31,783 

 

 
31,775 

Basic earnings per share

$
10.58 

 

$
8.82 

 

$
6.89 

Diluted earnings per share

$
10.47 

 

$
8.75 

 

$
6.76