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Earnings Per Share ("EPS")
 9 Months Ended
Sep. 30, 2014
Earnings Per Share [Abstract]  
Earnings Per Share

NOTE 24 –  Earnings Per Share (“EPS”)

Basic EPS is computed by dividing earnings available to common shareholders by the weighted-average number of common shares outstanding. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the entity. Diluted earnings per share include dilutive stock options and stock units under the treasury stock method.

The following table sets forth the computation of basic and diluted earnings per share for the three and nine months ended September 30, 2014 and 2013 (in thousands, except per share data):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended September 30,

 

Nine Months Ended September 30,

 

2014

 

2013

 

2014

 

2013

Income from continuing operations

 
40,093 

 

 
74,929 

 

 
133,643 

 

 
120,782 

Loss from discontinued operations, net of tax

 
(190)

 

 
(5,239)

 

 
(2,757)

 

 
(7,037)

Net income

$
39,903 

 

$
69,690 

 

$
130,886 

 

$
113,745 

Shares for basic and diluted calculation:

 

 

 

 

 

 

 

 

 

 

 

Average shares used in basic computation

 
66,691 

 

 
64,706 

 

 
66,344 

 

 
63,133 

Dilutive effect of stock options and units

 
9,990 

 

 
10,485 

 

 
9,667 

 

 
9,718 

Average shares used in diluted computation:

 
76,681 

 

 
75,191 

 

 
76,011 

 

 
72,851 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per basic common share

 

 

 

 

 

 

 

 

 

 

 

Income from continuing operations

$
0.60 

 

$
1.16 

 

$
2.01 

 

$
1.91 

Loss from discontinued operations

 

 -

 

 
(0.08)

 

 
(0.04)

 

 
(0.11)

Earnings per basic common share

$
0.60 

 

$
1.08 

 

$
1.97 

 

$
1.80 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per diluted common share

 

 

 

 

 

 

 

 

 

 

 

Income from continuing operations

$
0.52 

 

$
1.00 

 

$
1.76 

 

$
1.66 

Loss from discontinued operations

 

 -

 

 
(0.07)

 

 
(0.04)

 

 
(0.10)

Earnings per diluted common share

$
0.52 

 

$
0.93 

 

$
1.72 

 

$
1.56 

(1)Diluted earnings per share is computed on the basis of the weighted average number of shares of common stock plus the effect of dilutive potential common shares outstanding during the period using the treasury stock method. Diluted earnings per share include stock options and units.

For the three and nine months ended September 30, 2014 and 2013, the anti-dilutive effect from restricted stock units was immaterial.