XML 59 R28.htm IDEA: XBRL DOCUMENT v2.4.1.9
Earnings Per Share
 12 Months Ended
Dec. 31, 2014
Earnings Per Share [Abstract]  
Earnings Per Share
Earnings Per Share
The computation of basic and diluted earnings per common share is as follows:
 
Year Ended December 31,
 
2014
 
2013
 
2012
 
(in thousands, except per share amounts)
Computation of Basic Earnings Per Share:
 
 
 
 
 
Numerator:
 
 
 
 
 
Net income from continuing operations
$
121,473

 
$
113,350

 
$
121,278

Net income from discontinued operations
1,687

 
359

 
335

Net income
123,160

 
113,709

 
121,613

Income allocated to participating securities
(1,075
)
 
(1,127
)
 
(1,281
)
Net income available to common shareholders
$
122,085

 
$
112,582

 
$
120,332

Denominator
 
 
 
 
 
Weighted average common shares outstanding -- basic
57,730

 
57,925

 
57,467

Basic earnings per share -- Continuing operations
$
2.08

 
$
1.94

 
$
2.09

Basic earnings per share -- Discontinued operations
0.03

 
—

 
—


$
2.11

 
$
1.94

 
$
2.09


 
 
 
 
 
Computation of Diluted Earnings Per Share:
 
 
 
 
 
Numerator:
 
 
 
 
 
Net income from continuing operations
$
121,473

 
$
113,350

 
$
121,278

Net income from discontinued operations
1,687

 
359

 
335

Net income
123,160

 
113,709

 
121,613

Income allocated to participating securities
(1,069
)
 
(1,122
)
 
(1,299
)
Net income available to common shareholders
$
122,091

 
$
112,587

 
$
120,314

Denominator:
 
 
 
 
 
Weighted average common shares outstanding -- basic
57,730

 
57,925

 
57,467

Diluted effect of stock options and PVRSUs
526

 
410

 
186

Weighted average commons shares outstanding -- diluted
58,256

 
58,335

 
57,653


 
 
 
 
 
Diluted earnings per share -- Continuing operations
$
2.07

 
$
1.92

 
$
2.08

Diluted earnings per share -- Discontinued operations
0.03

 
0.01

 
0.01


$
2.10

 
$
1.93

 
$
2.09

The Company’s unvested restricted shares contain rights to receive non-forfeitable dividends and thus are participating securities requiring the two-class method of computing earnings per share ("EPS"). The calculation of EPS for common stock shown above excludes the income attributable to the unvested restricted share awards from the numerator and excludes the dilutive impact of those awards from the denominator.
At December 31, 2014, 2013, and 2012, the Company had 1.9 million, 1.7 million and 1.9 million outstanding stock options, respectively. Stock options are included in the diluted earnings per share calculation using the treasury stock method and average market prices during the period, unless the stock options would be anti-dilutive. For the years ended December 31, 2014 and 2013, no anti-dilutive stock options were excluded from the diluted earnings per share calculation. For the year ended December 31, 2012 , the Company excluded 0.3 million of anti-dilutive stock options from the diluted earnings per share calculation.
PVRSUs are also included in the diluted earnings per share calculation if the performance conditions have been met at the reporting date. However, at December 31, 2014, 2013, and 2012, PVRSUs totaling 161,810, 197,707 and 139,492 respectively, were excluded from the computation since the performance conditions had not been met at the reporting date.