Earnings per common share

12 Months Ended

Dec. 31, 2015

Earnings Per Share [Abstract]

Earnings per common share

Earnings per common share

The following table presents net income, the weighted average common shares used in calculating basic earnings per common share and those used in calculating diluted earnings per common share for each period presented below.

	Years Ended December 31,
	2015			2014			2013
Numerator
Net income	$	141,555		$	470,907		$	488,907
Deduct dividends paid	(94,168		)	(77,495		)	(74,128		)
Undistributed earnings	$	47,387		$	393,412		$	414,779
Denominator
Weighted average shares outstanding used in basic earnings per share   calculations	68,163,825			72,181,447			76,648,688
Incremental common shares from:
SARs	—			—			65,712
PSUs	789,547			905,648			864,572
ESPP	63,837			64,915			75,792
Weighted average shares used in diluted earnings per share calculations	69,017,209			73,152,010			77,654,764
Earnings per common share – Basic
Distributed earnings	$	1.38		$	1.06		$	0.96
Undistributed earnings	0.70			5.46			5.42
Net income	$	2.08		$	6.52		$	6.38
Earnings per common share – Diluted
Distributed earnings	$	1.36		$	1.06		$	0.95
Undistributed earnings	0.69			5.38			5.35
Net income	$	2.05		$	6.44		$	6.30

There were no anti-dilutive SARs or PSUs outstanding for the years ended December 31, 2015, 2014 and 2013.