Earnings Per Share

3 Months Ended

Mar. 31, 2015

We had 30,026 shares of nonvested restricted stock at March 31, 2015 and 20,100 shares of nonvested restricted stock at March 31, 2014 that were excluded from the calculation of diluted earnings per share, as their effect on earnings per share would be anti-dilutive.

The nonvested restricted stock is considered a participating security since the restricted stock contains nonforfeitable rights to dividends. As such, we use the two-class method to compute basic and diluted earnings per share for all periods presented since this method yielded a more dilutive result than the treasury-stock method. The following table illustrates the earnings allocation method utilized in the calculation of basic and diluted earnings per share.



	Three Months Ended March 31,
(in thousands, except per-share amounts)	2015		2014
Earnings per share numerator:
Net income attributable to common shareholders before allocation of earnings to participating securities	$	63,947	$	57,523
Earnings allocated to participating securities	142		90
Net income attributable to common shareholders after allocation of earnings to participating securities	$	63,805	$	57,433
Earnings per share denominator:
Weighted-average number of shares of common stock outstanding - basic and diluted	12,413		12,953
Earnings per share - basic and diluted	$	5.14	$	4.43

- Definition

The entire disclosure for earnings per share.

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