Earnings Per Share

6 Months Ended

Jun. 30, 2015

In June 2015, the Company's Board of Directors declared a seven-for-one stock split in the form of a stock dividend that was paid on July 14, 2015 to all shareholders of record as of July 2, 2015 ("Stock Split").

Outstanding share and per-share amounts disclosed as of June 30, 2015 and for all other comparative periods provided have been retroactively adjusted to reflect the effects of the Stock Split.

Basic earnings per share is computed using the weighted-average number of outstanding shares of common stock during the period. Diluted earnings per share is computed using the weighted-average number of outstanding shares of common stock and, when dilutive, potential common shares outstanding during the period. Potential common shares consist of incremental shares issuable upon the assumed exercise of stock options. The computation of earnings per share, as adjusted to reflect the effects of the Stock Split, are as follows:



	Three Months Ended				Six Months Ended
	June 30, 2015		June 30, 2014		June 30, 2015		June 30, 2014
	(in thousands, except per share data)
Basic earnings per share:
Net income	$	26,335	$	71,018	$	50,031	$	124,133
Shares used in computation:
Weighted-average common shares outstanding	425,340		419,974		424,486		419,349
Basic earnings per share	$	0.06	$	0.17	$	0.12	$	0.30

Diluted earnings per share:
Net income	$	26,335	$	71,018	$	50,031	$	124,133
Shares used in computation:
Weighted-average common shares outstanding	425,340		419,974		424,486		419,349
Employee stock options	10,757		11,467		10,472		11,792
Weighted-average number of shares	436,097		431,441		434,958		431,141
Diluted earnings per share	$	0.06	$	0.16	$	0.12	$	0.29

Employee stock options with exercise prices greater than the average market price of the common stock were excluded from the diluted calculation as their inclusion would have been anti-dilutive. The following table summarizes the potential common shares excluded from the diluted calculation, as adjusted to reflect the effects of the Stock Split:



	Three Months Ended		Six Months Ended
	June 30, 2015	June 30, 2014	June 30, 2015	June 30, 2014
	(in thousands)
Employee stock options	80	693	938	490