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Earnings Per Share
 12 Months Ended
Dec. 31, 2014
Earnings Per Share [Abstract]  
Earnings Per Share
Earnings Per Share

The following table shows the information used in the calculation of our basic and diluted earnings per share as of December 31:
 
At December 31,
 
2012
 
2013
 
2014
 
(Dollars in thousands)
Weighted average common shares outstanding for basic calculation
138,551,804

 
135,067,278

 
136,155,295

Add: Effect of stock options and restricted stock
1,148,300

 
—

 
—

Weighted average common shares outstanding for diluted calculation
139,700,104

 
135,067,278

 
136,155,295


Basic earnings per common share are calculated by dividing net income by the weighted average number of common shares outstanding. Diluted earnings per share are calculated by dividing net income by the sum of the weighted average number of common shares outstanding plus the additional common shares that would have been outstanding if potentially dilutive securities had been issued.
The weighted average common shares outstanding for the diluted earnings per share calculation excludes consideration of stock options covering 865,844 shares in 2012, 1,866,720 shares in 2013 and 1,481,992 shares in 2014, as the exercise prices were greater than the weighted average market price of our common stock for that period.
During 2012, we repurchased, in the open market, ten million shares under a previously announced share repurchase program authorized by the Board of Directors. These share repurchases represented a financing cash outflow of $101.7 million for 2012. These share repurchases decreased the weighted average shares outstanding by 5.6 million shares for 2012.