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Earnings Per Share
 3 Months Ended
Mar. 31, 2015
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 months ended March 31, 2015 and 2014, 131 and 326 stock awards, respectively, were excluded from the calculation of diluted EPS because they were anti-dilutive. In addition, 304 and 394 stock awards for the three months ended March 31, 2015  and 2014, 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 March 31

 

 

2015

 

2014

Net income

 

$
122,641 

 

$
83,069 

Shares:

 

 

 

 

 

 

Weighted average number of common shares outstanding

 

 
31,036 

 

 
31,061 

Dilutive stock awards

 

 
556 

 

 
425 

Diluted weighted average number of common shares outstanding

 

 
31,592 

 

 
31,486 

Basic earnings per share

 

$
3.95 

 

$
2.67 

Diluted earnings per share

 

$
3.88 

 

$
2.64