EARNINGS PER SHARE

12 Months Ended

Dec. 31, 2015

13. 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, 2015 and 2014, there were no options outstanding that were considered anti-dilutive. In December 31, 2013, there were 297,000 stock options outstanding 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, 2015, 2014, and 2013, are as follows:



(In thousands, except per share data)	Earnings from continuing operations		Weighted- Average Shares Outstanding	Earnings per share from continuing operations
2015
Basic earnings per share from continuing operations	$	192,248	46,624	$	4.12
Dilutive effect of stock options and deferred stock compensation			992
Diluted earnings per share from continuing operations	$	192,248	47,616	$	4.04
2014
Basic earnings per share from continuing operations	$	169,949	48,019	$	3.54
Dilutive effect of stock options and deferred stock compensation			1,056
Diluted earnings per share from continuing operations	$	169,949	49,075	$	3.46
2013
Basic earnings per share from continuing operations	$	139,404	46,991	$	2.97
Dilutive effect of stock options and deferred stock compensation			921
Diluted earnings per share from continuing operations	$	139,404	47,912	$	2.91