Earnings Per Share Reconciliation

3 Months Ended

Mar. 31, 2014

7.	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 three months ended March 31, 2014 and 2013, shares deemed to be antidilutive, and thus excluded from the computation of earnings per common share were 130,000 and 1.0 million shares, respectively.

The table below summarizes 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 Thee Months Ended March 31,
	2014		2013
	(In thousands, except per share amounts)
Earnings per common share:
Net earnings	$	28,661	$	21,615
Less: Net earnings allocated to restricted stock		127		69

Net earnings allocated to common shareholders	$	28,534	$	21,546

Weighted average shares outstanding		105,192		104,564
Earnings per common share	$	0.27	$	0.21

Diluted earnings per common share:
Net income allocated to common shareholders	$	28,534	$	21,546

Weighted average shares outstanding		105,192		104,564
Incremental shares from assumed exercise of outstanding options		599		246

Diluted weighted average shares outstanding		105,791		104,810
Diluted earnings per common share	$	0.27	$	0.21

- Definition

The entire disclosure for earnings per share.

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