Earnings Per Share

12 Months Ended

Dec. 31, 2015

14. 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 years ended December 31 (in thousands, except per share data) follows:


	2015		2014		2013
Net income	$	362,431	$	368,707	$	284,501

Denominator for basic earnings per share		92,023		84,317		81,793
Dilutive securities		2,116		2,665		2,862

Denominator for diluted earnings per share		94,139		86,982		84,655

Basic earnings per share	$	3.94	$	4.37	$	3.48
Diluted earnings per share		3.85		4.24		3.36

Diluted earnings per share for the year ended December 31, 2015 excludes the effect of 1.4 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 for 2014 and 2013. Diluted earnings per share also excludes the effect of 0.2 million, 0.5 million and 0.3 million shares of performance based restricted stock for which the performance criteria have not yet been achieved for the years ended December 31, 2015, 2014 and 2013, respectively.