Earnings Per Share

3 Months Ended

Mar. 31, 2015

Earnings Per Share [Abstract]

Earnings Per Share

9. Earnings Per Share

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 months ended March 31 (in thousands, except per share data) follows:

	Three Months Ended March 31,
	2015		2014
Net income	$	94,153	$	75,109
Denominator for basic earnings per share		91,750		82,737
Dilutive securities		2,184		2,958
Denominator for diluted earnings per share		93,934		85,695
Basic earnings per share	$	1.03	$	0.91
Diluted earnings per share	$	1.00	$	0.88

Basic shares includes the impact of share-based payment awards classified as participating securities, which are not material to the calculation of basic shares. Diluted earnings per share for the three months ended March 31, 2015 excludes the effect of 1.1 million shares of common stock, respectively, that may be issued upon the exercise of employee stock options because such effect would be antidilutive. There were no antidilutive shares for 2014. Diluted earnings per share for the three months ended March 31, 2015 also excludes the effect of 0.5 million shares of performance based restricted stock for which the performance criteria have not yet been achieved.