EARNINGS PER SHARE

3 Months Ended

Mar. 31, 2015

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 March 31
(In thousands except per share data )	2015			2014
Net income available for stockholders:	$	7,548		$	39,388
Less:  Dividends paid		(22,762	)		(22,986	)
Undistributed earnings	$	(15,214	)	$	16,402
Basic shares outstanding:
Common stock		210,069			211,434
Restricted shares of common stock		3,423			3,741
Total basic shares		213,492			215,175
Diluted shares outstanding:
Common stock		210,069			211,434
Dilutive effect of stock based awards		93			1,039
		210,162			212,473
Restricted shares of common stock		3,423			3,741
Total diluted shares		213,585			216,214

Earnings per share attributable to common stock and restricted shares of common stock (participating securities) is as follows:

	Three months ended March 31
	2015		2014
Basic Earnings per share
Common stock	$	0.04	$	0.18
Restricted shares of common stock		0.02		0.16