EARNINGS PER SHARE

3 Months Ended

Mar. 31, 2016

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 March 31,
	2016		2015
NUMERATOR
Basic:
Net income	$	46,307	$	57,277


Diluted:
Net income	$	46,307	$	57,277


DENOMINATOR
Basic:
Weighted average common shares outstanding		117,235		116,634


Diluted:
Weighted average common shares outstanding		117,235		116,634
Effect of dilutive securities:
Stock options		432		869
Restricted stock-based compensation		102		265

Weighted average shares and assumed conversions		117,769		117,768


BASIC EARNINGS PER SHARE	$	0.39	$	0.49


DILUTED EARNINGS PER SHARE	$	0.39	$	0.49

Approximately 16,000 stock options were excluded from the computation of diluted earnings per share for the three months ended March 31, 2016 because they were anti-dilutive. There were no stock options excluded from the computation of diluted earnings per share for the three months ended March 31, 2015.