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Earnings Per Share
 6 Months Ended
Jun. 30, 2014
Earnings Per Share [Abstract]  
Earnings Per Share

6. 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 common shares related to SOSARs and non-vested stock awards (collectively “stock awards”).  For the three and six months ended June 30, 2014,  536 and 431 stock awards, respectively, were excluded from the calculation of diluted EPS and for the three and six months ended June 30, 2013, 883 and 781 stock awards, respectively, were excluded from the calculation of diluted EPS because they were anti-dilutive. In addition, 382 and 388 stock awards for the three and six months ended June 30, 2014, respectively, and 437 and 473 stock awards for the three and six months ended June 30, 2013, respectively, were excluded from the calculation of diluted EPS because they were subject to performance conditions.

The following table sets forth the computations of basic and diluted earnings per share:  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended June 30

 

Six months ended June 30

 

2014

 

2013

 

2014

 

2013

Net income

$
110,270 

 

$
87,853 

 

$
193,339 

 

$
164,437 

Shares:

 

 

 

 

 

 

 

 

 

 

 

Weighted average number of common shares outstanding

 
31,049 

 

 
30,901 

 

 
31,055 

 

 
30,956 

Dilutive stock awards

 
425 

 

 
275 

 

 
425 

 

 
246 

Diluted weighted average number of common shares outstanding

 
31,474 

 

 
31,176 

 

 
31,480 

 

 
31,202 

Basic earnings per share

$
3.55 

 

$
2.84 

 

$
6.23 

 

$
5.31 

Diluted earnings per share

$
3.50 

 

$
2.82 

 

$
6.14 

 

$
5.27