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Earnings Per Share
 9 Months Ended
Sep. 30, 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
 
Nine Months Ended
 
September 30,
 
September 30,
(In thousands, except per share amounts)
2015
 
2014
 
2015
 
2014
 
 
 
 
 
 
 
 
Computation of Basic Earnings Per Share:
 
 
 
 
 
 
 
Numerator:
 
 
 
 
 
 
 
Net income from continuing operations
$
41,419

 
$
39,416

 
$
98,826

 
$
96,164

Net income from discontinued operations
—

 
(51
)
 
—

 
1,711

Net income
41,419

 
39,365

 
98,826

 
97,875

Income allocated to participating securities
(278
)
 
(343
)
 
(695
)
 
(867
)
Net income available to common shareholders
$
41,141

 
$
39,022

 
$
98,131

 
$
97,008

Denominator:
 
 
 
 
 
 
 
Weighted average common shares outstanding – basic
56,843

 
57,932

 
57,019

 
57,878

 
 
 
 
 
 
 
 
Basic earnings per share - Continuing operations
$
0.72

 
$
0.67

 
$
1.72

 
$
1.65

Basic earnings per share - Discontinued operations
—

 
—

 
—

 
0.03


$
0.72

 
$
0.67

 
$
1.72

 
$
1.68

 
 
 
 
 
 
 
 
Computation of Diluted Earnings Per Share:
 
 
 
 
 
 
 
Numerator:
 
 
 
 
 
 
 
Net income from continuing operations
$
41,419

 
$
39,416

 
$
98,826

 
$
96,164

Net income from discontinued operations
—

 
(51
)
 
—

 
1,711

Net income
41,419

 
39,365

 
98,826

 
97,875

Income allocated to participating securities
(277
)
 
(340
)
 
(691
)
 
(862
)
Net income available to common shareholders
$
41,142

 
$
39,025

 
$
98,135

 
$
97,013

Denominator:
 
 
 
 
 
 
 
Weighted average common shares outstanding – basic
56,843

 
57,932

 
57,019

 
57,878

Diluted effect of stock options and PVRSUs
378

 
524

 
479

 
503

Weighted average common shares outstanding – diluted
57,221

 
58,456

 
57,498

 
58,381

 
 
 
 
 
 
 
 
Diluted earnings per share - Continuing operations
$
0.72

 
$
0.67

 
$
1.71

 
$
1.63

Diluted earnings per share - Discontinued operations
—

 
—

 
—

 
0.03


$
0.72

 
$
0.67

 
$
1.71

 
$
1.66



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 September 30, 2015 and 2014, the Company had 2.1 million and 2.1 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 and nine months ended September 30, 2015, the Company excluded 0.5 million of anti-dilutive stock options from the diluted earnings per share calculation. For the three and nine months ended September 30, 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 September 30, 2015 and 2014, PVRSUs totaling 207,040 and 218,485, respectively, were excluded from the computation since the performance conditions had not been met.