Earnings Per Share

9 Months Ended

Sep. 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”). Stock awards are excluded from the calculation of diluted EPS in the event they are subject to performance conditions or antidilutive. The following stock awards were excluded from the calculation of diluted EPS:



	Three months ended September 30,				Nine months ended September 30,
	2015		2014		2015		2014
Stock awards subject to performance conditions		216		382		282		386
Stock awards that were antidilutive		320		32		267		298
Total stock awards excluded from diluted earnings per share		536		414		549		684

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



	Three months ended September 30,				Nine months ended September 30,
	2015		2014		2015		2014
Net income	$	144,883	$	130,801	$	407,728	$	324,140
Shares:
Weighted average number of common shares outstanding		31,187		31,020		31,115		31,043
Dilutive stock awards		361		527		441		459
Diluted weighted average number of common shares outstanding		31,548		31,547		31,556		31,502
Basic earnings per share	$	4.65	$	4.22	$	13.10	$	10.44
Diluted earnings per share	$	4.59	$	4.15	$	12.92	$	10.29