EARNINGS PER SHARE

6 Months Ended

Jun. 30, 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 stock options and time lapse restricted shares included in diluted earnings per share, but excluded from basic earnings per share. In addition, 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 June 30						Six months ended June 30
(In thousands except per share data )	2014			2013			2014			2013
Net income available for stockholders:	$	63,283		$	40,416		$	102,671		$	75,492
Less:  Dividends paid		(22,898	)		(22,015	)		(45,883	)		(44,030	)
Undistributed earnings	$	40,385		$	18,401		$	56,788		$	31,462
Basic shares outstanding:
Common stock		211,611			211,707			211,522			211,790
Restricted shares of common stock		3,613			4,176			3,677			4,249
		215,224			215,883			215,199			216,039
Diluted shares outstanding:
Common stock		211,611			211,707			211,522			211,790
Dilutive effect of stock based awards		1,014			812			1,081			1,151
		212,625			212,519			212,603			212,941
Restricted shares of common stock		3,613			4,176			3,677			4,249
		216,238			216,695			216,280			217,190

Reported basic EPS of the restricted shares of common stock under the two-class method generated the following reductions - $0.01 for the three months ended June 30, 2014 and $0.02 for the three months ended June 30, 2013; $0.04 for the six months ended June 30, 2014 and $0.03 for the six months ended June 30, 2013.