Earnings Per Share

9 Months Ended

Sep. 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 nine months ended September 30 (in thousands, except per share data) follows:



	Three Months Ended September 30,				Nine Months Ended September 30,
	2016		2015		2016		2015
Net income	$	129,618	$	116,770	$	356,961	$	309,601
Denominator for basic earnings per share	92,631		92,110		92,604		91,923
Dilutive securities	2,676		2,047		2,600		2,146
Denominator for diluted earnings per share	95,307		94,157		95,204		94,069
Basic earnings per share	$	1.40	$	1.27	$	3.85	$	3.37
Diluted earnings per share	$	1.36	$	1.24	$	3.75	$	3.29

There were 0.1 million antidilutive shares during the three month period ended September 30, 2016. Diluted earnings per share for the three month period ended September 30, 2015 excludes the effect of 0.6 million 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 0.4 million shares of performance based restricted stock for which the performance criteria have not yet been achieved for the three month period ended September 30, 2016 and 2015, respectively.