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Earnings Per Share
 9 Months Ended
Sep. 30, 2014
Earnings Per Share [Abstract]  
Earnings Per Share

9. Earnings Per Share

Basic earnings per share is computed on the basis of weighted average outstanding common shares. Diluted earnings per share is computed on the basis of basic weighted average outstanding common shares adjusted for the dilutive effect of stock options and other outstanding dilutive securities.

 

The following table reconciles the average share amounts used to compute both basic and diluted earnings per share (in thousands):

 

     Three Months Ended
September 30,		      Nine Months Ended
September 30,		  
     2014      2013      2014      2013  

Weighted average shares outstanding:

            

Basic weighted average shares outstanding

      114,484         117,376         114,603         118,537   

Add: Dilutive effect of stock options and restricted stock awards

      1,944         2,046         2,079         2,061   
  

 

 

     

 

 

     

 

 

     

 

 

  

Diluted weighted average shares outstanding

      116,428         119,422         116,682         120,598   
  

 

 

     

 

 

     

 

 

     

 

 

  

The diluted earnings per share computation excludes 3.1 million and 3.2 million options to purchase shares, restricted share awards, and contingently issuable shares during the three and nine months ended September 30, 2014, respectively, as their effect would be anti-dilutive. The diluted earnings per share computation excludes 4.9 million options to purchase shares, restricted share awards, and contingently issuable shares during the three and nine months ended September 30, 2013 as their effect would be anti-dilutive.

Common stock outstanding as of September 30, 2014 and December 31, 2013 was 114,938,316 and 116,564,967, respectively.