EARNINGS PER SHARE

3 Months Ended

Mar. 31, 2015

EARNINGS PER SHARE

EARNINGS PER SHARE

5. EARNINGS PER SHARE

The following table reconciles income (numerator) and shares (denominator) used in our computations of diluted earnings per share for the periods presented (in thousands):

	Three Months Ended March 31,
	2015			2014
Income (Numerator)
Net Income	$	24,836		$	27,657
Net (income) loss attributable to noncontrolling interests	(554		)	(499		)
Numerator for diluted earnings per common share available to common shareholders	$	24,282		$	27,158
Shares (Denominator)
Weighted-average common shares outstanding	95,131			98,824
Dilutive effect of stock-settled appreciation rights, restricted stock awards and outstanding stock options	640			678
Weighted-average common and common equivalent shares outstanding	95,771			99,502

Potentially dilutive securities which would have an anti-dilutive effect were 0.3 million shares of common stock for the three months ended March 31, 2015.  There were no anti-dilutive shares for the three months ended March 31, 2014. The increase in anti-dilutive securities is primarily related to stock-settled appreciation rights and outstanding stock options with exercise prices less than the share price as of March 31, 2015.