Earnings Per Share

9 Months Ended

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2015		2014		2015		2014
Net income	$	116,770	$	95,509	$	309,601	$	259,167

Denominator for basic and diluted earnings per share:
Denominator for basic earnings per share		92,110		83,611		91,923		83,118
Dilutive securities		2,047		2,523		2,146		2,570

Denominator for diluted earnings per share		94,157		86,134		94,069		85,688

Basic earnings per share	$	1.27	$	1.14	$	3.37	$	3.12
Diluted earnings per share	$	1.24	$	1.11	$	3.29	$	3.02

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. There were no antidilutive shares during the three month period ended September 30, 2014. Diluted earnings per share also excludes the effect of 0.4 million and 0.1 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, 2015 and 2014, respectively.