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EARNINGS PER SHARE
 9 Months Ended
Sep. 30, 2015
EARNINGS PER SHARE
8. 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 September 30,		      For the Nine Months
Ended September 30,		  
     2015      2014      2015      2014  

NUMERATOR

            

Basic:

            

Net income

    $ 50,676       $ 57,546       $ 173,256       $ 165,016   
  

 

 

     

 

 

     

 

 

     

 

 

  

Diluted:

            

Net income

    $ 50,676       $ 57,546       $ 173,256       $ 165,016   
  

 

 

     

 

 

     

 

 

     

 

 

  

DENOMINATOR

            

Basic:

            

Weighted average common shares outstanding

      117,066         116,185         116,889         116,025   
  

 

 

     

 

 

     

 

 

     

 

 

  

Diluted:

            

Weighted average common shares outstanding

      117,066         116,185         116,889         116,025   

Effect of dilutive securities:

            

Stock options

      559         886         716         895   

Restricted stock-based compensation

      149         318         181         263   
  

 

 

     

 

 

     

 

 

     

 

 

  

Weighted average shares and assumed conversions

      117,774         117,389         117,786         117,183   
  

 

 

     

 

 

     

 

 

     

 

 

  

BASIC EARNINGS PER SHARE

    $ 0.43       $ 0.50       $ 1.48       $ 1.42   
  

 

 

     

 

 

     

 

 

     

 

 

  

DILUTED EARNINGS PER SHARE

    $ 0.43       $ 0.49       $ 1.47       $ 1.41   
  

 

 

     

 

 

     

 

 

     

 

 

  

Approximately 16,000 and 5,000 stock options were excluded from the computation of diluted earnings per share for the three and nine months ended September 30, 2015, respectively, because they were anti-dilutive. Approximately 16,000 stock options were excluded from the computation of diluted earnings per share for the three and nine months ended September 30, 2014 because they were anti-dilutive.