Earnings Per Share Reconciliation

12 Months Ended

Dec. 31, 2013

16. EARNINGS PER SHARE RECONCILIATION

Basic earnings per common share are computed by dividing income allocated to common stockholders by the weighted-average number of common shares outstanding during each period. The computation of diluted earnings per common share considers the number of tax-effected shares issuable upon the assumed exercise of outstanding common stock options. Potentially dilutive common shares are excluded from the computation of diluted earnings per share in periods in which the effect would be antidilutive. For the years ended December 31, 2013, 2012, and 2011, shares deemed to be antidilutive, and thus excluded from the computation of earnings per common share were 744,000, 1.3 million, and 2.7 million, respectively.

The table below shows earnings per common share and diluted earnings per common share and reconciles the numerator and denominator of both earnings per common share calculations.


	For the Year Ended December 31,
	2013		2012		2011
	(In thousands, except per share amounts)
Earnings per common share:
Net earnings	$	95,608	$	77,280	$	81,733
Less: Net earnings allocated to restricted stock		298		247		292

Net earnings allocated to common shareholders	$	95,310	$	77,033	$	81,441

Weighted average shares outstanding		104,729		104,419		105,143
Earnings per common share	$	0.91	$	0.74	$	0.77

Diluted earnings per common share:
Net income allocated to common shareholders	$	95,310	$	77,033	$	81,441

Weighted average shares outstanding		104,729		104,419		105,143
Incremental shares from assumed exercise of outstanding options		397		239		80

Diluted weighted average shares outstanding		105,126		104,658		105,223
Diluted earnings per common share	$	0.91	$	0.74	$	0.77

- Definition

The entire disclosure for earnings per share.

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