Net Income Per Common Share (Tables)

9 Months Ended

Sep. 30, 2014

Earnings Per Share [Abstract]

Computation of net income per common share

(Thousands of dollars except per share data)	Three Months Ended September 30,						Nine Months Ended September 30,
	2014			2013			2014			2013
Basic
Average common shares outstanding	94,800,191			100,460,185			96,744,423			101,362,328
Net income	$	326,240		$	262,966		$	733,144		$	636,438
Less net income allocated to unvested restricted shares	(1,992		)	(1,700		)	(4,237		)	(3,978		)
Net income allocated to common shares	$	324,248		$	261,266		$	728,907		$	632,460
Basic net income per common share	$	3.42		$	2.60		$	7.53		$	6.24
Diluted
Average common shares outstanding	94,800,191			100,460,185			96,744,423			101,362,328
Stock options and other contingently issuable shares (1)	1,913,852			2,162,329			1,926,576			2,189,214
Average common shares outstanding assuming dilution	96,714,043			102,622,514			98,670,999			103,551,542
Net income	$	326,240		$	262,966		$	733,144		$	636,438
Less net income allocated to unvested restricted shares
assuming dilution	(1,955		)	(1,667		)	(4,160		)	(3,902		)
Net income allocated to common shares assuming
dilution	$	324,285		$	261,299		$	728,984		$	632,536
Diluted net income per common share	$	3.35		$	2.55		$	7.39		$	6.11

⁽¹⁾  There were no options excluded due to their anti-dilutive effect for the three months ended September 30, 2014. Stock options and other contingently issuable shares excluded 15,885 shares for the nine months ended September 30, 2014. There were 16,609 options excluded due to their anti-dilutive effect for the three and nine months ended September 30, 2013.