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Earnings Per Share | 12 Months Ended
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Dec. 31, 2015
Earnings Per Share [Abstract] |
Earnings Per Share | EARNINGS PER SHARE The following table sets forth the computation of basic and diluted earnings per share on net income (in thousands, except per share information):
|  | 2015 |  | 2014 |  | 2013
Earnings: |  |  |  |  |  |
Net income (numerator for basic and diluted calculations) |  | $ | 502,166 |  |  | $ | 684,047 |  |  | $ | 418,837 |
Shares: |  |  |  |  |  |
Weighted average outstanding shares (denominator for basic calculations) |  | 66,553 |  |  | 69,248 |  |  | 71,917 |
Equivalent shares from outstanding stock options |  | 739 |  |  | 714 |  |  | 544 |
Diluted shares (denominator for diluted calculations) |  | 67,292 |  |  | 69,962 |  |  | 72,461 |
Earnings per share: |  |  |  |  |  |
Basic |  | $ | 7.55 |  |  | $ | 9.88 |  |  | $ | 5.82 |
Diluted |  | 7.46 |  |  | 9.78 |  |  | 5.78 |
The calculation of common equivalent shares does not include the impact of options having a strike or conversion price that exceeds the average stock price for the earnings period, as the result would be antidilutive. The calculation of common equivalent shares also excludes the impact of outstanding performance contingent shares, as the conditions necessary for their issuance have not been satisfied as of the end of the reporting period. Approximately 0.3 million outstanding stock options were not included in the calculation of common equivalent shares during 2015. During 2014 and 2013, all outstanding options were included in the calculation of common equivalent shares. Approximately 0.4 million, 0.5 million and 0.7 million performance contingent shares were excluded from the calculation of common equivalent shares during 2015, 2014 and 2013, respectively.

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