Common Stock

3 Months Ended

Mar. 31, 2016

Common Stock, Number of Shares, Par Value and Other Disclosures [Abstract]

Shareholders' Equity and Share-based Payments, Including Earnings Per Share Information

Common Stock

Dividends. The Company paid $11.9 million and $11.3 million in quarterly cash dividends during the three months ended March 31, 2016 and 2015, respectively. The Company paid a total of $47.7 million and $45.2 million in quarterly cash dividends during the twelve months ended March 31, 2016 and 2015, respectively.

Basic and Diluted Earnings Per Share. The basic and diluted earnings per share are presented below (in thousands except for share data):
	Three Months Ended March 31,						Twelve Months Ended March 31,
	2016			2015			2016			2015
Weighted average number of common shares outstanding:
Basic number of common shares outstanding	40,325,324			40,243,199			40,295,316			40,214,198
Dilutive effect of unvested performance awards	—			23,475			36,824			26,595
Diluted number of common shares outstanding	40,325,324			40,266,674			40,332,140			40,240,793
Basic net income (loss) per common share:
Net income (loss)	$	(5,808	)	$	3,458		$	72,652		$	90,271
Income allocated to participating restricted stock	(32		)	(33		)	(209		)	(289		)
Net income (loss) available to common shareholders	$	(5,840	)	$	3,425		$	72,443		$	89,982
Diluted net income (loss) per common share:
Net income (loss)	$	(5,808	)	$	3,458		$	72,652		$	90,271
Income reallocated to participating restricted stock	(32		)	(33		)	(209		)	(289		)
Net income (loss) available to common shareholders	$	(5,840	)	$	3,425		$	72,443		$	89,982
Basic net income (loss) per common share:
Distributed earnings	$	0.295		$	0.28		$	1.18		$	1.12
Undistributed earnings (losses)	(0.435		)	(0.19		)	0.62			1.12
Basic net income (loss) per common share	$	(0.140	)	$	0.09		$	1.80		$	2.24
Diluted net income (loss) per common share:
Distributed earnings	$	0.295		$	0.28		$	1.18		$	1.12
Undistributed earnings (losses)	(0.435		)	(0.19		)	0.62			1.12
Diluted net income (loss) per common share	$	(0.140	)	$	0.09		$	1.80		$	2.24

The amount of restricted stock awards and performance shares at 100% performance level excluded from the calculation of the diluted number of common shares outstanding because their effect was antidilutive is presented below:
	Three Months Ended		Twelve Months Ended
	March 31,		March 31,
	2016	2015	2016	2015
Restricted stock awards	59,462	68,195	54,192	57,651
Performance shares (a)	62,995	59,898	49,183	42,506

(a) Certain performance shares were excluded from the computation of diluted earnings per share as no payouts would have been required based upon performance at the end of each corresponding period.