Earnings and Dividends Per Share

3 Months Ended

Mar. 31, 2015

Earnings Per Share [Abstract]

Earnings Per Share

EARNINGS AND DIVIDENDS PER SHARE

The weighted average number of common shares outstanding during the reporting period is used to calculate basic earnings per common share. Diluted earnings per common share assume the exercise of stock options and the conversion of our convertible debt using the treasury stock method, to the extent dilutive. If our average stock price for the period increases over the conversion price of our convertible debt, the conversion feature will be considered dilutive.

The following table summarizes the average number of common shares and the net income used in the calculation of basic and diluted earnings per common share (in thousands, except share and per share amounts):

	Three Months Ended
	March 31,
	2015		2014
Net income attributable to common stockholders	$	29,683	$	23,533
BASIC:
Weighted average common shares outstanding	37,558,067		33,051,415
DILUTED:
Weighted average common shares outstanding	37,558,067		33,051,415
Stock options	68,257		33,817
Convertible subordinated debentures	18,941		—
Average dilutive common shares outstanding	37,645,265		33,085,232
Net income per common share - basic	$	.79	$	.71
Net income per common share - diluted	$	.79	$	.71
Incremental shares excluded since anti-dilutive:
Net share effect of stock options with an exercise price in excess of the average market price for our common shares	5,666		40,153
Regular dividends declared per common share	$	.85	$	.77