EARNINGS PER SHARE

3 Months Ended

Mar. 31, 2014

EARNINGS PER SHARE

EARNINGS PER SHARE

4. EARNINGS PER SHARE

Basic and diluted earnings per share are computed by dividing net income by the weighted average number of shares outstanding during the respective periods.  The basic and diluted calculations differ as a result of the dilutive effect of time lapse restricted shares included in diluted earnings per share, but excluded from basic earnings per share.  The Company has periodically issued share-based payment awards that contain non-forfeitable rights to dividends and are therefore considered participating securities. 

A reconciliation of weighted average shares outstanding is as follows:

	Three months ended March 31,
(In thousands except per share data )	2014			2013
Net income available for stockholders:	$	39,388		$	35,076
Less:  Dividends paid		(22,986	)		(22,015	)
Undistributed earnings	$	16,402		$	13,061
Basic shares outstanding:
Common stock		211,434			211,873
Restricted shares of common stock		3,741			4,321
		215,175			216,194
Diluted shares outstanding:
Common stock		211,434			211,873
Dilutive effect of stock based awards		1,039			1,331
		212,473			213,204
Restricted shares of common stock		3,741			4,321
		216,214			217,525

Reported basic earnings per share of the restricted shares of common stock under the two-class method generated the following reductions - $0.02 for the three months ended March 31, 2014; and $0.01 for the three months ended March 31, 2013.