EARNINGS PER SHARE

12 Months Ended

Dec. 31, 2013

Earnings Per Share [Abstract]

EARNINGS PER SHARE

14. EARNINGS PER SHARE

The Corporation is required to report both basic earnings per share (EPS), based on the weighted-average number of Common shares outstanding, and diluted earnings per share, based on the basic EPS adjusted for all potentially dilutive shares issuable.

As of December 31, 2013, 2012, and 2011 there were 297,000, 633,000, and 653,000 stock options outstanding, respectively, that were excluded from the computation of diluted earnings per share as the exercise price of these options was greater than their average market value, which would result in an anti-dilutive effect on diluted earnings per share.

Earnings per share calculations for the years ended December 31, 2013, 2012, and 2011, are as follows:

(In thousands, except stock options outstanding)	Earnings from continuing operations		Weighted- Average Shares Outstanding	Earnings per share from continuing operations
2013
Basic earnings per share from continuing operations	$	137,981	46,991	$	2.94
Dilutive effect of stock options and deferred stock compensation			921
Diluted earnings per share from continuing operations	$	137,981	47,912	$	2.88
2012
Basic earnings per share from continuing operations	$	92,289	46,743	$	1.98
Dilutive effect of stock options and deferred stock compensation			669
Diluted earnings per share from continuing operations	$	92,289	47,412	$	1.95
2011
Basic earnings per share from continuing operations	$	118,620	46,372	$	2.56
Dilutive effect of stock options and deferred stock compensation			641
Diluted earnings per share from continuing operations	$	118,620	47,013	$	2.52