Earnings Per Share

9 Months Ended

Sep. 30, 2014

Earnings Per Share [Abstract]

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 period. 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 period.

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(in thousands, except per share data)	2014		2013		2014		2013
Net income attributable to common shareholders	$	28,079	$	57,131	$	136,460	$	169,796
Average basic shares outstanding	58,971		58,093		58,770		57,814
Effect of dilutive stock options	932		942		964		923
Average diluted shares outstanding	59,903		59,035		59,734		58,737
Earnings per basic share	$	0.48	$	0.98	$	2.32	$	2.94
Earnings per diluted share	$	0.47	$	0.97	$	2.28	$	2.89

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 (0.6 million and 0.01 million average options were excluded for the third quarter of 2014 and 2013, respectively, and 0.5 million and 0.9 million average options for the first nine months of 2014 and 2013, respectively).