Earnings and Dividends Per Share

6 Months Ended

Jun. 30, 2015

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				Six Months Ended
	June 30,				June 30,
	2015		2014		2015		2014
Net income attributable to common stockholders	$	31,182	$	25,294	$	60,866	$	48,828

BASIC:
Weighted average common shares outstanding	37,566,221		33,052,750		37,562,144		33,052,083

DILUTED:
Weighted average common shares outstanding	37,566,221		33,052,750		37,562,144		33,052,083
Stock options	40,896		34,533		54,577		34,175
Convertible subordinated debentures	—		—		9,471		—
Average dilutive common shares outstanding	37,607,117		33,087,283		37,626,192		33,086,258

Net income per common share - basic	$	.83	$	.77	$	1.62	$	1.48
Net income per common share - diluted	$	.83	$	.76	$	1.62	$	1.48

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	51,643		31,575		22,401		31,936

Regular dividends declared per common share	$	.85	$	.77	$	1.70	$	1.54