Earnings Per Share

12 Months Ended

Dec. 31, 2015

Basic earnings per common share is computed by dividing net income available to common stockholders by the weighted average of common shares outstanding during the period. Diluted earnings per common share adjusts basic earnings per common share for the effects of stock options and restricted stock in the periods where such items are dilutive.

On August 30, 2013, 46,743,316 shares of our common stock were distributed to the shareholders of Murphy Oil in connection with the separation. For comparative purposes, we have assumed this amount to be outstanding as of the beginning of each prior period prior to the separation presented in the calculation of weighted average shares outstanding.

During May 2014, the Company executed a share repurchase program that was approved by the Board of Directors for approximately $50 million worth of common stock of the Company. At the completion of this plan, the Company had acquired 1,040,636 shares of common stock for an average price of $48.07 per share including brokerage fees. In October 2014, the Company announced a $250 million share repurchase program that was completed prior to the end of 2015. In this repurchase, 4,196,349 shares were repurchased for an average price of $59.58 per share.

The following table provides a reconciliation of basic and diluted earnings per share computations for the years ended December 31, 2015, 2014 and 2013 (in thousands, except per share amounts):



	Years ended December 31,
(Thousands of dollars except per share amounts)	2015		2014		2013
Earnings per common share:
Net income (loss) per share - basic
Income from continuing operations	$	137,591	$	222,960	$	154,135
Income from discontinued operations	$	38,749	$	20,903	$	80,898
Net income attributable to common stockholders	$	176,340	$	243,863	$	235,033

Weighted average common shares outstanding (in thousands)	43,434		46,104		46,743
Earnings per share:
Continuing operations	$	3.17	$	4.84	$	3.30
Discontinued operations	$	0.89	$	0.45	$	1.73
Total earnings per share	$	4.06	$	5.29	$	5.03

Earnings per common share - assuming dilution:	Years ended December 31,
	2015		2014		2013
Net income (loss) per share - diluted
Income from continuing operations	$	137,591	$	222,960	$	154,135
Income from discontinued operations	$	38,749	$	20,903	$	80,898
Net income attributable to common stockholders	$	176,340	$	243,863	$	235,033
Weighted average common shares outstanding (in thousands)	43,434		46,104		46,743
Common equivalent shares:
Dilutive options	360		313		115
Weighted average common shares outstanding - assuming dilution (in thousands)	43,794		46,417		46,858

Earnings per share:
Continuing operations	$	3.14	$	4.81	$	3.29
Discontinued operations	$	0.88	$	0.45	$	1.73
Earnings per share - assuming dilution	$	4.02	$	5.26	$	5.02