EARNINGS PER SHARE

6 Months Ended

Jun. 30, 2015

7.	EARNINGS PER SHARE

Basic earnings per share is computed by dividing net income by the weighted average number of common shares outstanding during the year. Diluted earnings per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the entity. For CCA, diluted earnings per share is computed by dividing net income by the weighted average number of common shares after considering the additional dilution related to restricted share grants and stock options.

A reconciliation of the numerator and denominator of the basic earnings per share computation to the numerator and denominator of the diluted earnings per share computation is as follows (in thousands, except per share data):


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2015		2014		2015		2014
NUMERATOR
Basic:
Net income	$	65,303	$	55,732	$	122,580	$	107,470

Diluted:
Net income	$	65,303	$	55,732	$	122,580	$	107,470

DENOMINATOR
Basic:
Weighted average common shares outstanding		116,962		116,114		116,799		115,944

Diluted:
Weighted average common shares outstanding		116,962		116,114		116,799		115,944
Effect of dilutive securities:
Stock options		720		835		794		899
Restricted stock-based compensation		130		247		197		236

Weighted average shares and assumed conversions		117,812		117,196		117,790		117,079

BASIC EARNINGS PER SHARE	$	0.56	$	0.48	$	1.05	$	0.93

DILUTED EARNINGS PER SHARE	$	0.55	$	0.48	$	1.04	$	0.92

Approximately 16,000 stock options were excluded from the computation of diluted earnings per share for the three and six months ended June 30, 2014 because they were anti-dilutive. There were no stock options excluded from the computation of diluted earnings per share for the three and six months ended June 30, 2015.