Earnings Per Share

6 Months Ended

Jun. 30, 2015

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 June 30 (in thousands, except per share data) follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2015		2014		2015		2014
Net income	$	98,678	$	88,549	$	192,831	$	163,658

Denominator for basic and diluted earnings per share:
Denominator for basic earnings per share		91,904		82,996		91,828		82,867
Dilutive securities		2,146		2,821		2,164		2,890

Denominator for diluted earnings per share		94,050		85,817		93,992		85,757

Basic earnings per share	$	1.07	$	1.07	$	2.10	$	1.97
Diluted earnings per share	$	1.05	$	1.03	$	2.05	$	1.91

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 month period ended June 30, 2015 excludes the effect of 31 thousand 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 during the three or six month periods ended June 30, 2014. Diluted earnings per share for the three month period ended June 30, 2015 also excludes the effect of 0.5 million shares of performance based restricted stock, respectively, for which the performance criteria have not yet been achieved.