Earnings Per Share

6 Months Ended

Jun. 30, 2016

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 and deferred stock units; and are excluded from the computation in periods in which they have an anti-dilutive effect. There were no anti-dilutive common share equivalents at or for the three- and six-month periods ended June 30, 2016, and 2015.

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 six- month periods ended June 30, 2016, and 2015 (in thousands, except per share data):

	Three Months Ended June 30,
	2016					2015
	Net Income (Numerator)		Shares (Denominator)	Per Share Amount		Net Income (Numerator)		Shares (Denominator)	Per Share Amount
Basic earnings per share	$	141,969	243,655	$	.58	$	31,550	241,900	$	.13
Dilutive common share equivalents	—		1,737			—		1,591
Diluted earnings per share	$	141,969	245,392	$	.58	$	31,550	243,491	$	.13

	Six Months Ended June 30,
	2016					2015
	Net Income (Numerator)		Shares (Denominator)	Per Share Amount		Net Income (Numerator)		Shares (Denominator)	Per Share Amount
Basic earnings per share	$	204,706	243,429	$	.84	$	62,311	241,718	$	.26
Dilutive common share equivalents	—		1,571			—		1,461
Diluted earnings per share	$	204,706	245,000	$	.84	$	62,311	243,179	$	.26