Earnings Per Share

9 Months Ended

Sep. 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 nine- month periods ended September 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 nine months ended September 30, 2016 and 2015 (in thousands, except per share data):

	Three Months Ended September 30,
	2016					2015
	Net Income		Shares	Per Share		Net Income		Shares	Per Share
	(Numerator)		(Denominator)	Amount		(Numerator)		(Denominator)	Amount
Basic earnings per share	$	157,397	243,761	$	0.65	$	60,617	242,074	$	0.25
Dilutive common share equivalents		-	1,921				-	1,748
Diluted earnings per share	$	157,397	245,682	$	0.64	$	60,617	243,822	$	0.25

	Nine Months Ended September 30,
	2016						2015
	Net Income		Shares		Per Share		Net Income		Shares		Per Share
	(Numerator)		(Denominator)		Amount		(Numerator)		(Denominator)		Amount
Basic earnings per share	$	362,103		243,539	$	1.49	$	122,928		241,836	$	0.51
Dilutive common share equivalents		-		1,688				-		1,557
Diluted earnings per share	$	362,103		245,227	$	1.48	$	122,928		243,393	$	0.51