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Earnings Per Share
 12 Months Ended
Dec. 31, 2014
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 232,  393 and 360 were excluded from the calculation of 2014, 2013 and 2012 diluted EPS, respectively, because they were anti-dilutive. In addition, 385,  381 and 449 stock awards subject to performance conditions were excluded from the 2014, 2013 and 2012 calculations of diluted EPS, respectively. The following table sets forth the computations of basic and diluted earnings per share:  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Years ended December 31

 

 

2014

 

2013

 

2012

Net income

 

$
445,374 

 

$
327,438 

 

$
278,000 

Shares:

 

 

 

 

 

 

 

 

 

Weighted average number of common shares outstanding

 

 
31,038 

 

 
30,957 

 

 
31,513 

Dilutive stock awards

 

 
474 

 

 
324 

 

 
270 

Diluted weighted average number of common shares outstanding

 

 
31,512 

 

 
31,281 

 

 
31,783 

Basic earnings per share

 

$
14.35 

 

$
10.58 

 

$
8.82 

Diluted earnings per share

 

$
14.13 

 

$
10.47 

 

$
8.75