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Earnings Per Share
 9 Months Ended
Sep. 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 nine months ended September 30, 2014,  32 and 298 stock awards, respectively, were excluded from the calculation of diluted EPS and for the three and nine months ended September 30, 2013, 7 and 523 stock awards, respectively, were excluded from the calculation of diluted EPS because they were anti-dilutive. In addition, 382 and 386 stock awards for the three and nine months ended September 30, 2014, respectively, and 287 and 411 stock awards for the three and nine months ended September 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 September 30

 

Nine months ended September 30

 

2014

 

2013

 

2014

 

2013

Net income

$
130,801 

 

$
83,379 

 

$
324,140 

 

$
247,816 

Shares:

 

 

 

 

 

 

 

 

 

 

 

Weighted average number of common shares outstanding

 
31,020 

 

 
30,897 

 

 
31,043 

 

 
30,937 

Dilutive stock awards

 
527 

 

 
399 

 

 
459 

 

 
297 

Diluted weighted average number of common shares outstanding

 
31,547 

 

 
31,296 

 

 
31,502 

 

 
31,234 

Basic earnings per share

$
4.22 

 

$
2.70 

 

$
10.44 

 

$
8.01 

Diluted earnings per share

$
4.15 

 

$
2.66 

 

$
10.29 

 

$
7.93