Earnings Per Share

9 Months Ended

Sep. 30, 2015

Earnings Per Share

Earnings Per Share

Note 3.  Earnings Per Share

Basic earnings per share is based on the weighted average shares of common stock outstanding during the period. Diluted earnings per share assumes the weighted average dilutive effect of common share equivalents outstanding during the period applied to the company’s basic earnings per share. Common share equivalents represent potentially dilutive stock options, restricted stock units, deferred stock units, and dilutive shares related to the company’s convertible subordinated debt; and are excluded from the computation in periods in which they have an anti-dilutive effect. There were no anti-dilutive options at September 30, 2015, and 2014.

The following table presents a reconciliation of the numerators and the denominators of the company’s basic and diluted earnings per share computations for the three- and nine-month periods ended September 30, 2015 and 2014 (in thousands, except per share data):

	Three Months Ended September 30,
	2015					2014
	Net Income (Numerator)		Shares (Denominator)	Per Share Amount		Net Income (Numerator)		Shares (Denominator)	Per Share Amount
Basic earnings per share	$	60,617	242,074	$	0.25	$	91,173	240,087	$	0.38
Dilutive common share equivalents	—		1,748			—		2,157
Diluted earnings per share	$	60,617	243,822	$	0.25	$	91,173	242,244	$	0.38

	Nine Months Ended September 30,
	2015					2014
	Net Income (Numerator)		Shares (Denominator)	Per Share Amount		Net Income (Numerator)		Shares (Denominator)	Per Share Amount
Basic earnings per share	$	122,928	241,836	$	0.51	$	202,055	229,772	$	0.88
Dilutive common share equivalents	—		1,557			—		1,852
5.125% convertible senior notes, net of tax	—		—			4,327		10,271
Diluted earnings per share	$	122,928	243,393	$	0.51	$	206,382	241,895	$	0.85