Earnings Per Share

3 Months Ended

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



	Three Months Ended March 31,
	2016		2015
Net income	$	109,972	$	94,153
Denominator for basic earnings per share	92,516		91,750
Dilutive securities	1,813		2,184
Denominator for diluted earnings per share	94,329		93,934
Basic earnings per share	$	1.19	$	1.03
Diluted earnings per share	$	1.17	$	1.00

Diluted earnings per share for the three month period ended March 31, 2016 and 2015, respectively, excludes the effect of 1.8 million and 1.1 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 0.5 million shares of performance based restricted stock for which the performance criteria have not yet been achieved for the three month period ended March 31, 2016 and 2015, respectively.