Earnings Per Share Reconciliation

3 Months Ended

Mar. 31, 2015

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. Antidilutive common shares are not included in the calculation of diluted earnings per common share. For the three months ended March 31, 2015 and 2014, shares deemed to be antidilutive, and thus excluded from the computation of earnings per common share were 235,000 and 130,000 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,
	2015		2014
	(In thousands, except per share amounts)
Earnings per common share:
Net earnings	$	15,833	$	28,661
Less: Net earnings allocated to restricted stock		81		127

Net earnings allocated to common shareholders	$	15,752	$	28,534

Weighted average shares outstanding		105,523		105,192
Basic earnings per common share	$	0.15	$	0.27

Diluted earnings per common share:
Net income allocated to common shareholders	$	15,752	$	28,534

Weighted average shares outstanding		105,523		105,192
Incremental shares from assumed exercise of outstanding options		436		599

Diluted weighted average shares outstanding		105,959		105,791
Diluted earnings per common share	$	0.15	$	0.27

- Definition

The entire disclosure for earnings per share.

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