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

8. 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. Antidilutive common shares are not included in the calculation of diluted earnings per common share. For the three and nine months ended September 30, 2014, shares deemed to be antidilutive, and thus excluded from the computation of earnings per common share, were 222,000 and 199,000 shares, respectively. For both the three and nine months ended September 30, 2013, shares deemed to be antidilutive, and thus excluded from the computation of earnings per common share, were 688,000 and 1.2 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 Three Months Ended
September 30,		      For the Nine Months Ended
September 30,		  
     2014      2013      2014      2013  
     (In thousands, except per share amounts)  

Earnings per common share:

            

Net earnings

    $ 24,295       $ 24,239       $ 78,440       $ 70,320   

Less: Net earnings allocated to restricted stock

      134         74         409         218   
  

 

 

     

 

 

     

 

 

     

 

 

  

Net earnings allocated to common shareholders

    $ 24,161       $ 24,165       $ 78,031       $ 70,102   
  

 

 

     

 

 

     

 

 

     

 

 

  

Weighted average shares outstanding

      104,875         104,766         105,218         104,657   

Earnings per common share

    $ 0.23       $ 0.23       $ 0.74       $ 0.67   
  

 

 

     

 

 

     

 

 

     

 

 

  

Diluted earnings per common share:

            

Net income allocated to common shareholders

    $ 24,161       $ 24,165       $ 78,031       $ 70,102   
  

 

 

     

 

 

     

 

 

     

 

 

  

Weighted average shares outstanding

      104,875         104,766         105,218         104,657   

Incremental shares from assumed exercise of outstanding options

      531         451         542         330   
  

 

 

     

 

 

     

 

 

     

 

 

  

Diluted weighted average shares outstanding

      105,406         105,217         105,760         104,987   

Diluted earnings per common share

    $ 0.23       $ 0.23       $ 0.74       $ 0.67