Earnings Per Share

6 Months Ended

Jun. 30, 2015

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”). However, stock awards are excluded from the calculation of diluted EPS in the event they are antidilutive or subject to performance conditions. Stock awards that were excluded from the calculation of diluted EPS because they were antidilutive totaled 350 and 241 awards for the three and six months ended June 30, 2015, respectively, compared to 536 and 431 awards for the three and six months ended June 30, 2014, respectively. Stock awards excluded from the calculation because they were subject to performance conditions totaled 326 and 315 awards for the three and six months ended June 30, 2015, respectively, compared to 382 and 388 awards for the three and six months ended June 30, 2014, respectively.

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



	Three months ended June 30,				Six months ended June 30,
	2015		2014		2015		2014
Net income	$	140,204	$	110,270	$	262,845	$	193,339
Shares:
Weighted average number of common shares outstanding		31,120		31,049		31,044		31,055
Dilutive stock awards		406		425		481		425
Diluted weighted average number of common shares outstanding		31,526		31,474		31,525		31,480
Basic earnings per share	$	4.51	$	3.55	$	8.47	$	6.23
Diluted earnings per share	$	4.45	$	3.50	$	8.34	$	6.14