Earnings per Share

9 Months Ended

Sep. 30, 2015

EARNINGS PER COMMON SHARE:

The following table sets forth the computation of basic and diluted earnings per common share for the three and nine months ended September 30, 2015 and 2014 (in thousands, except per share amounts):



	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2015		2014		2015		2014
Numerator:
Net income	$	63,362	$	72,650	$	140,103	$	173,382
Denominators:
Weighted average Class A common shares outstanding - Basic	56,819		55,600		56,673		55,167
Weighted average Class B common shares outstanding	828		1,059		915		1,394
Dilutive effect of employee stock-based awards	199		355		245		382
Weighted average shares - Diluted	57,846		57,014		57,833		56,943

Basic earnings per common share	$	1.12	$	1.31	$	2.47	$	3.14
Diluted earnings per common share	$	1.10	$	1.27	$	2.42	$	3.05

The Company's basic and diluted earnings per common share calculations reflect the shares issuable upon settlement of the prepaid stock purchase contract component of the Company's Tangible Equity Units (TEUs). For purposes of determining the number of shares included in these calculations, the Company used the weighted average market price of its Class A Common Stock for the 20 consecutive trading days beginning on, and including, the 23^rd scheduled trading day immediately preceding the period end date, which is consistent with the terms of the TEU purchase contracts. Based on this calculation, 2,841,650 shares were included in the Company's weighted average Class A common shares outstanding - basic and diluted as of the three and nine months ended September 30, 2014.

On October 1, 2015, the Company settled the prepaid stock purchase contract component of the TEUs with the delivery of 3,539,240 shares of its Class A Common Stock. Accordingly, the 3,539,240 shares were included in the Company's weighted average Class A common shares outstanding - basic and diluted as of September 30, 2015. In accordance with the original terms of the TEUs, the remaining balance of the amortizing note component of the TEUs was also settled on October 1, 2015 for a total cash payment of $2.8 million.

The following total number of Class A Common Stock shares issuable under the assumed exercise of stock-based awards computed based on the treasury stock method were excluded from the calculation of diluted earnings per common share, as the effect of including these shares would have been antidilutive (in thousands):



	Three Months Ended		Nine Months Ended
	September 30,		September 30,
	2015	2014	2015	2014
Antidilutive shares	772	293	652	259

On September 29, 2015, the Company's Board of Directors (the Board) authorized the repurchase of up to $300.0 million of the Company's Class A Common Stock, subject to certain limitations (see Note 5, Long-Term Debt).