Earnings Per Common Share

3 Months Ended

Mar. 31, 2016

Earnings Per Common Share [Abstract]

Basic earnings per common share (EPS) is computed by dividing net income by the weighted-average number of shares of common stock outstanding. For purposes of calculating diluted EPS, the denominator reflects the potential dilution that could occur if stock options, unvested restricted stock, unvested restricted stock units or other contracts to issue common stock were exercised or converted into common stock, using the treasury stock method.

The following table summarizes the calculation of basic and diluted EPS for the three months ended March 31, 2016 and 2015:



	Three months ended
	March 31,
	2016		2015
Net income used for basic and diluted calculation	$	92,166	$	91,323
Shares used in computing earnings per common share—basic	225,060		199,361
Weighted-average effect of dilutive securities:
Stock awards	1,813		2,673
Shares used in computing earnings per common share—diluted	226,873		202,034
Earnings per common share:
Basic	$	0.41	$	0.46
Diluted	$	0.41	$	0.45

We exclude from EPS the weighted-average number of securities whose effect is anti-dilutive. Excluded from the calculation of EPS for the three months ended March 31, 2016 and 2015 were 3,975 and 2,248 shares of common stock, respectively, because their effect was anti-dilutive.