Earnings Per Share

12 Months Ended

Dec. 31, 2015

9. 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 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 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:



	Year ended December 31,
	2015		2014		2013
Stock awards subject to performance conditions		266		385		381
Stock awards that were antidilutive		289		232		393
Total stock awards excluded from diluted earnings per share		555		617		774

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



	Year ended December 31,
	2015		2014		2013
Net income	$	475,602	$	445,374	$	327,438
Shares:
Weighted average number of common shares outstanding		31,092		31,038		30,957
Dilutive stock awards		402		474		324
Diluted weighted average number of common shares outstanding		31,494		31,512		31,281
Basic earnings per share	$	15.30	$	14.35	$	10.58
Diluted earnings per share	$	15.10	$	14.13	$	10.47