Earnings Per Share

3 Months Ended

Mar. 31, 2015

Earnings Per Share [Abstract]

Earnings Per Share

Earnings Per Share

The computation of basic and diluted earnings per common share is as follows:

	Three Months Ended
	March 31,
(In thousands, except per share amounts)	2015			2014
Computation of Basic Earnings Per Share:
Numerator:
Net income from continuing operations	$	21,594		$	21,469
Net income from discontinued operations	—			1,641
Net income	21,594			23,110
Income allocated to participating securities	(164		)	(202		)
Net income available to common shareholders	$	21,430		$	22,908
Denominator:
Weighted average common shares outstanding – basic	57,003			57,807
Basic earnings per share - Continuing operations	$	0.38		$	0.37
Basic earnings per share - Discontinued operations	—			0.03
	$	0.38		$	0.40
Computation of Diluted Earnings Per Share:
Numerator:
Net income from continuing operations	$	21,594		$	21,469
Net income from discontinued operations	—			1,641
Net income	21,594			23,110
Income allocated to participating securities	(164		)	(201		)
Net income available to common shareholders	$	21,430		$	22,909
Denominator:
Weighted average common shares outstanding – basic	57,003			57,807
Diluted effect of stock options and PVRSUs	583			493
Weighted average common shares outstanding – diluted	57,586			58,300
Diluted earnings per share - Continuing operations	$	0.37		$	0.36
Diluted earnings per share - Discontinued operations	—			0.03
	$	0.37		$	0.39

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 March 31, 2015 and 2014, the Company had 2.2 million and 2.3 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 three months ended March 31, 2015, the Company excluded 0.5 million of anti-dilutive stock options from the diluted earnings per share calculation. At March 31, 2014, the Company did not exclude any anti-dilutive stock options from the diluted EPS calculation.

PVRSUs are also included in the diluted earnings per share calculation when the performance conditions have been met at the reporting date. However, at March 31, 2015 and 2014, PVRSUs totaling 192,163 and 241,578, respectively, were excluded from the computation since the performance conditions had not been met.