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Net Income Per Common Share | 12 Months Ended
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Dec. 31, 2014
Earnings Per Share [Abstract] |
Net Income Per Common Share |
(5) | NET INCOME PER COMMON SHARE
Basic income or loss per share attributable to common shareholders is computed as (i) income or loss attributable to common shareholders (ii) less income allocable to participating securities (iii) divided by weighted average basic shares outstanding. Diluted income or loss per share attributable to common stockholders is computed as (i) basic income or loss attributable to common shareholders (ii) plus diluted adjustments to income allocable to participating securities (iii) divided by weighted average diluted shares outstanding. The following table sets forth a reconciliation of net income or loss to basic income or loss attributable to common shareholders and to diluted income or loss attributable to common shareholders (in thousands except per share amounts):
| Year Ended December 31, |
| 2014 |  |  |  | 2013 |  |  | 2012 |
Net income, as reported | $ | 634,382 |  |  |  | $ | 115,722 |  |  | $ | 13,002 |
Participating basic earnings (a) |  | (10,725 | ) |  |  |  | (1,975 | ) |  |  | (460 | )
Basic net income attributed to common shareholders |  | 623,657 |  |  |  |  | 113,747 |  |  |  | 12,542 |
Reallocation of participating earnings (a) |  | 48 |  |  |  |  | 9 |  |  |  | — |
Diluted net income attributed to common shareholders | $ | 623,705 |  |  |  | $ | 113,756 |  |  | $ | 12,542 |
Net income per common share: |  |  |  |  |  |  |  |  |  |  |  |
Basic | $ | 3.81 |  |  |  | $ | 0.71 |  |  | $ | 0.08 |
Diluted | $ | 3.79 |  |  |  | $ | 0.70 |  |  | $ | 0.08 |
(a) | Restricted stock Liability Awards represent participating securities because they participate in nonforfeitable dividends or distributions with common equity owners. Income allocable to participating securities represents the distributed and undistributed earnings attributable to the participating securities. Participating securities, however, do not participate in undistributed net losses.
The following table provides a reconciliation of basic weighted average common shares outstanding to diluted weighted average common shares outstanding (in thousands):
|  | Year Ended December 31, |
|  | 2014 |  |  | 2013 |  |  | 2012 |
Denominator: |  |  |  |  |  |  |  |  |  |  |
Weighted average common shares outstanding – basic |  | 163,625 |  |  |  | 160,438 |  |  |  | 159,431 |
Effect of dilutive securities: |  |  |  |  |  |  |  |  |  |  |
Director and employee SARs and restricted stock Equity Awards |  | 778 |  |  |  | 969 |  |  |  | 876 |
Weighted average common shares outstanding – diluted |  | 164,403 |  |  |  | 161,407 |  |  |  | 160,307 |
Weighted average common shares – basic excludes 2.8 million shares of restricted stock Liability Awards held in our deferred compensation plans (although all awards are issued and outstanding upon grant) for both periods ending December 31, 2014 and December 31, 2013 and 2.9 million shares for the period ending December 31, 2012. SARs of 1,900 for the year ended December 31, 2014 compared to 226,000 in 2013 and 854,000 in 2012 were outstanding but not included in the computations of diluted net income per share because the grant prices of the SARs were greater than the average market price of the common shares and would be anti-dilutive to the computations.

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