Earnings Per Share

3 Months Ended

Mar. 31, 2014

Earnings Per Share

Earnings Per Share

The Company’s basic earnings per share calculations are based on the weighted average number of common shares outstanding during the year. Shares of restricted stock are included in the computation of both basic and diluted earnings per share. Potentially dilutive securities include outstanding stock options, restricted share units, deferred stock units and performance-based restricted share units. The dilutive effect of potentially dilutive securities is reflected in diluted earnings per common share by application of the treasury method. Diluted earnings per share gives effect to all potentially dilutive common shares outstanding during the year.

	Three Months Ended
	March 31,
(in thousands, except per share data)	2014		2013
Net income attributable to common shareholders	$	48,684	$	57,791
Average basic shares outstanding	58,516		57,479
Effect of dilutive stock options	998		910
Average diluted shares outstanding	59,514		58,389
Earnings per basic share	$	0.83	$	1.01
Earnings per diluted share	$	0.82	$	0.99

The computation of diluted earnings per share excludes the effect of the potential exercise of stock options when the average market price of the common stock is lower than the exercise price of the related stock options during the period (0.5 million and 1.7 million average options were excluded for the first quarter of 2014 and 2013, respectively).