Earnings Per Share

9 Months Ended

Sep. 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 September 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				Nine Months Ended
	September 30, 2015		September 30, 2014		September 30, 2015		September 30, 2014
	(in thousands, except per share data)
Basic earnings per share:
Net income	$	29,432	$	59,295	$	79,463	$	183,428
Shares used in computation:
Weighted-average common shares outstanding	426,869		421,194		425,289		419,972
Basic earnings per share	$	0.07	$	0.14	$	0.19	$	0.44

Diluted earnings per share:
Net income	$	29,432	$	59,295	$	79,463	$	183,428
Shares used in computation:
Weighted-average common shares outstanding	426,869		421,194		425,289		419,972
Employee stock options	10,737		11,548		10,560		11,711
Weighted-average number of shares	437,606		432,742		435,849		431,683
Diluted earnings per share	$	0.07	$	0.14	$	0.18	$	0.42

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		Nine Months Ended
	September 30, 2015	September 30, 2014	September 30, 2015	September 30, 2014
	(in thousands)
Employee stock options	130	371	668	448