(6) INCOME PER COMMON SHARE

Basic income or loss per share attributable to common shareholders is computed as (1) income or loss attributable to common shareholders (2) less income allocable to participating securities (3) divided by weighted average basic shares outstanding. Diluted income or loss per share attributable to common stockholders is computed as (1) basic income or loss attributable to common shareholders (2) plus diluted adjustments to income allocable to participating securities (3) divided by weighted average diluted shares outstanding. The following tables set forth a reconciliation of income or loss attributable to common shareholders to basic income or loss attributable to common shareholders to diluted income or loss attributable to common shareholders (in thousands except per share amounts):


	Three Months Ended June 30,						Six Months Ended June 30,
	2014			2013			2014			2013
Net income, as reported	$	171,389		$	143,983		$	203,910		$	68,373
Participating basic earnings ^(a)		(2,868	)		(2,335	)		(3,460	)		(1,124	)
Basic net income attributed to common shareholders		168,521			141,648			200,450			67,249
Reallocation of participating earnings ^(a)		15			12			19			5
Diluted net income attributed to common shareholders	$	168,536		$	141,660		$	200,469		$	67,254
Net income per common share:
Basic	$	1.04		$	0.88		$	1.24		$	0.42
Diluted	$	1.04		$	0.88		$	1.24		$	0.42

^(a) Restricted Stock Awards represent participating securities because they participate in nonforfeitable dividends or distributions with common equity owners. Income allocable to participating securities represents the distributed and undistributed earnings attributable to the participating securities. Participating securities, however, do not participate in undistributed net losses.

The following table provides a reconciliation of basic weighted average common shares outstanding to diluted weighted average common shares outstanding (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2014		2013		2014		2013

Denominator:
Weighted average common shares outstanding – basic		161,909		160,565		161,354		160,346
Effect of dilutive securities:
Director and employee stock options and SARs		904		849		969		877
Weighted average common shares outstanding – diluted		162,813		161,414		162,323		161,223

Weighted average common shares-basic for the three months ended June 30, 2014 excludes 2.8 million shares and the three months ended June 30, 2013 excludes 2.6 million shares of restricted stock held in our deferred compensation plans (although all awards are issued and outstanding upon grant). Weighted average common shares-basic for the six months ended June 30, 2014 excludes 2.8 million shares of restricted stock compared to 2.7 million in the same period of 2013. All stock appreciation rights (“SARs”) for the three months ended June 30, 2014 or for the six months ended June 30, 2014 were included in the computations of diluted income from operations per share because the grant prices of the SARs were all less than the average market price of the common stock. SARs of 161,000 for the three months ended June 30, 2013 and 252,000 for the six months ended June 30, 2013 were outstanding but not included in the computations of diluted income from operations per share because the grant prices of the SARs were greater than the average market price of the common shares.