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EARNINGS PER SHARE | 6 Months Ended
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Jun. 30, 2014
EARNINGS PER SHARE |
EARNINGS PER SHARE |
4. | EARNINGS PER SHARE
Basic and diluted earnings per share are computed by dividing net income by the weighted average number of shares outstanding during the respective periods. The basic and diluted calculations differ as a result of the dilutive effect of stock options and time lapse restricted shares included in diluted earnings per share, but excluded from basic earnings per share. In addition, the Company has periodically issued share-based payment awards that contain non-forfeitable rights to dividends and are therefore considered participating securities. A reconciliation of weighted average shares outstanding is as follows:
|  | Three months ended June 30 |  |  | Six months ended June 30 |
(In thousands except per share data ) |  | 2014 |  |  | 2013 |  |  | 2014 |  |  | 2013 |
Net income available for stockholders: |  | $ | 63,283 |  |  | $ | 40,416 |  |  | $ | 102,671 |  |  | $ | 75,492 |
Less: Dividends paid |  |  | (22,898 | ) |  |  | (22,015 | ) |  |  | (45,883 | ) |  |  | (44,030 | )
Undistributed earnings |  | $ | 40,385 |  |  | $ | 18,401 |  |  | $ | 56,788 |  |  | $ | 31,462 |
Basic shares outstanding: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common stock |  |  | 211,611 |  |  |  | 211,707 |  |  |  | 211,522 |  |  |  | 211,790 |
Restricted shares of common stock |  |  | 3,613 |  |  |  | 4,176 |  |  |  | 3,677 |  |  |  | 4,249 |
|  |  | 215,224 |  |  |  | 215,883 |  |  |  | 215,199 |  |  |  | 216,039 |
Diluted shares outstanding: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common stock |  |  | 211,611 |  |  |  | 211,707 |  |  |  | 211,522 |  |  |  | 211,790 |
Dilutive effect of stock based awards |  |  | 1,014 |  |  |  | 812 |  |  |  | 1,081 |  |  |  | 1,151 |
|  |  | 212,625 |  |  |  | 212,519 |  |  |  | 212,603 |  |  |  | 212,941 |
Restricted shares of common stock |  |  | 3,613 |  |  |  | 4,176 |  |  |  | 3,677 |  |  |  | 4,249 |
|  |  | 216,238 |  |  |  | 216,695 |  |  |  | 216,280 |  |  |  | 217,190 |
Reported basic EPS of the restricted shares of common stock under the two-class method generated the following reductions - $0.01 for the three months ended June 30, 2014 and $0.02 for the three months ended June 30, 2013; $0.04 for the six months ended June 30, 2014 and $0.03 for the six months ended June 30, 2013.

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