Earnings Per Share

12 Months Ended

Dec. 31, 2014

Earnings Per Share [Abstract]

Earnings Per Share

EARNINGS PER SHARE

The following table sets forth the computation of basic and diluted earnings per share on net income (in thousands, except per share information):

	2014		2013		2012
Earnings:
Net income (numerator for basic and diluted calculations)	$	684,047	$	418,837	$	631,893
Shares:
Weighted average outstanding shares (denominator for basic calculations)	69,248		71,917		73,737
Equivalent shares from outstanding stock options	714		544		416
Diluted shares (denominator for diluted calculations)	69,962		72,461		74,153
Earnings per share:
Basic	$	9.88	$	5.82	$	8.57
Diluted	9.78		5.78		8.52

The calculation of common equivalent shares does not include the impact of options having a strike or conversion price that exceeds the average stock price for the earnings period, as the result would be antidilutive. The calculation of common equivalent shares also excludes the impact of outstanding performance contingent shares, as the conditions necessary for their issuance have not been satisfied as of the end of the reporting period. During 2014 and 2013, all outstanding options were included in the calculation of common equivalent shares. Approximately 1.8 million outstanding stock options were not included in the calculation of common equivalent shares during 2012. Approximately 0.5 million, 0.7 million and 0.7 million performance contingent shares were excluded from the calculation of common equivalent shares during 2014, 2013 and 2012, respectively.