Earnings Per Share

12 Months Ended

Dec. 31, 2014

Earnings Per Share [Abstract]

Earnings Per Share

EARNINGS PER SHARE

We compute basic earnings per share (EPS) using net earnings for the period and the weighted average number of common shares outstanding during the period. Basic weighted average shares outstanding have decreased throughout 2014 and 2013 due to share repurchases. See Note L for additional details of our share repurchases. Diluted EPS incorporates the additional shares issuable upon the assumed exercise of stock options and the release of restricted shares and restricted stock units (RSUs).

Basic and diluted weighted average shares outstanding were as follows (in thousands):

Year Ended December 31	2014	2013	2012
Basic weighted average shares outstanding	335,192	350,714	353,346
Dilutive effect of stock options and restricted stock/RSUs*	6,139	2,785	—
Diluted weighted average shares outstanding	341,331	353,499	353,346

* Excludes the following outstanding options to purchase shares of common stock because these options had exercise prices in excess of the average market price of our common stock during the year and therefore the effect of including these options would be antidilutive: 2014 - 3,683; 2013 - 8,246 and 2012 - 23,672. Additionally, because of the net loss in 2012, 2,353 otherwise dilutive stock options and restricted stock/RSUs were not included in the calculation of diluted EPS. The inclusion of these dilutive stock options and restricted stock/RSUs would have improved the diluted loss per share. For this reason, diluted EPS in 2012 was calculated using the same number of weighted average shares as basic EPS.