Earnings Per Share

6 Months Ended

Jun. 30, 2016

The Company reports basic and diluted earnings per share. Basic earnings per share is computed by dividing net income attributable to shareholders of the Company by the weighted average number of common shares outstanding during the reported period. Diluted earnings per share reflect the potential dilution related to equity-based incentives using the treasury stock method. The calculation and reconciliation of basic and diluted earnings per share for the three and six months ended June 30 (in thousands, except per share data) follows:



	Three Months Ended June 30,				Six Months Ended June 30,
	2016		2015		2016		2015
Net income	$	114,185	$	98,678	$	224,157	$	192,831
Denominator for basic earnings per share	92,665		91,904		92,591		91,828
Dilutive securities	1,884		2,146		1,846		2,164
Denominator for diluted earnings per share	94,549		94,050		94,437		93,992
Basic earnings per share	$	1.23	$	1.07	$	2.42	$	2.10
Diluted earnings per share	$	1.21	$	1.05	$	2.37	$	2.05

Diluted earnings per share for the three month period ended June 30, 2016 and 2015, respectively, excludes the effect of 1.5 million and 31 thousand shares of common stock that may be issued upon the exercise of employee stock options because such effect would be antidilutive. Diluted earnings per share also excludes the effect of 0.3 million and 0.5 million shares of performance based restricted stock for which the performance criteria have not yet been achieved for the three month period ended June 30, 2016 and 2015, respectively.