Earnings Per Share

12 Months Ended

Dec. 31, 2015

The following table sets forth the computation of basic and diluted earnings per share from continuing operations for the years ended December 31 (in thousands except per share amounts):



	2015		2014		2013
Numerator:
Income used in computing basic and diluted earnings per share	$	752,207	$	844,611	$	733,993
Denominator:
Denominator for basic earnings per share-weighted-average common shares	202,681		216,305		222,475
Effect of dilutive securities – employee stock compensation plan	1,005		1,401		1,596
Denominator for diluted earnings per share- adjusted weighted-average shares outstanding	203,686		217,706		224,071
Earnings per common share:
Basic	$	3.71	$	3.90	$	3.30
Diluted	$	3.69	$	3.88	$	3.28

Options to purchase 1.0 million, 0.5 million and 0.9 million weighted-average shares of common stock outstanding during 2015, 2014 and 2013, respectively, were not included in the Company’s computation of dilutive securities because the exercise price was greater than the market price and therefore the effect would have been anti-dilutive.

The Company has a share-based compensation plan under which employees may be granted share-based awards including shares of restricted stock and restricted stock units (RSUs). Non-forfeitable dividends are paid on unvested shares of restricted stock and non-forfeitable dividend equivalents are paid on unvested RSUs. As such, shares of restricted stock and RSUs are considered participating securities under the two-class method of calculating earnings per share as described in ASC Topic 260, “Earnings per Share.” The two-class method of calculating earnings per share did not have a material impact on the Company’s earnings per share calculation as of December 31, 2015, 2014 and 2013.