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Earnings per Share
 9 Months Ended
Sep. 30, 2014
Earnings Per Share [Abstract]  
Earnings per Share
Earnings per Share
The Company has unvested shares of restricted stock and restricted stock units outstanding that are considered participating securities and, therefore, computes basic and diluted earnings per share under the two-class method. Basic earnings per share for the periods are based upon the weighted average number of shares of common stock outstanding during the periods. Diluted earnings per share include the effect of certain stock options.
 
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
 
2014
 
2013
 
2014
 
2013
Net income attributable to Westlake Chemical
   Corporation
 
$
167,757

 
$
170,290

 
$
495,232

 
$
439,453

Less:
 
 
 
 
 
 
 
 
Net income attributable to participating securities
 
(353
)
 
(587
)
 
(1,099
)
 
(1,691
)
Net income attributable to common shareholders
 
$
167,404

 
$
169,703

 
$
494,133

 
$
437,762


The following table reconciles the denominator for the basic and diluted earnings per share computations shown in the consolidated statements of operations:
 
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
 
2014
 
2013
 
2014
 
2013
Weighted average common shares—basic (1)
 
133,299,458

 
133,257,494

 
133,199,304

 
133,256,054

Plus incremental shares from:
 
 
 
 
 
 
 
 
Assumed exercise of options (1)
 
546,601

 
553,614

 
543,841

 
550,704

Weighted average common shares—diluted (1)
 
133,846,059

 
133,811,108

 
133,743,145

 
133,806,758

 
 
 
 
 
 
 
 
 
Earnings per common share attributable to
   Westlake Chemical Corporation : (1)
 
 
 
 
 
 
 
 
Basic
 
$
1.26

 
$
1.28

 
$
3.71

 
$
3.29

Diluted
 
$
1.25

 
$
1.27

 
$
3.69

 
$
3.27


_____________
(1)
Share amounts and per share data for the three and nine months ended September 30, 2013 have been restated to reflect the effect of a two-for-one stock split on March 18, 2014. See Note 1 for additional information.
There were no options excluded from the computation of diluted earnings per share for the three and nine months ended September 30, 2014. Excluded from the computation of diluted earnings per share for the three and nine months ended September 30, 2013 are options to purchase 137,324 and 115,518 shares of common stock, respectively. These options were outstanding during the periods reported but were excluded because the effect of including them would have been antidilutive.