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EARNINGS PER SHARE | 3 Months Ended
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Mar. 31, 2015
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 March 31 |
(In thousands except per share data ) |  | 2015 |  |  | 2014 |
Net income available for stockholders: |  | $ | 7,548 |  |  | $ | 39,388 |
Less: Dividends paid |  |  | (22,762 | ) |  |  | (22,986 | )
Undistributed earnings |  | $ | (15,214 | ) |  | $ | 16,402 |
Basic shares outstanding: |  |  |  |  |  |  |  |
Common stock |  |  | 210,069 |  |  |  | 211,434 |
Restricted shares of common stock |  |  | 3,423 |  |  |  | 3,741 |
Total basic shares |  |  | 213,492 |  |  |  | 215,175 |
Diluted shares outstanding: |  |  |  |  |  |  |  |
Common stock |  |  | 210,069 |  |  |  | 211,434 |
Dilutive effect of stock based awards |  |  | 93 |  |  |  | 1,039 |
|  |  | 210,162 |  |  |  | 212,473 |
Restricted shares of common stock |  |  | 3,423 |  |  |  | 3,741 |
Total diluted shares |  |  | 213,585 |  |  |  | 216,214 |
Earnings per share attributable to common stock and restricted shares of common stock (participating securities) is as follows:
|  | Three months ended March 31 |
|  | 2015 |  |  | 2014 |
Basic Earnings per share |  |  |  |  |  |
Common stock |  | $ | 0.04 |  |  | $ | 0.18 |
Restricted shares of common stock |  |  | 0.02 |  |  |  | 0.16 |

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