EARNINGS PER SHARE

We report both basic and diluted EPS. Our restricted stock contain rights to receive nonforfeitable dividends and thus, are participating securities requiring the two-class method of computing EPS. A reconciliation of both calculations for the years ended December 31, 2015, 2014 and 2013 is presented in the following table (see additional information below under “Stock Split” for the recast share and per share data for the year ended December 31, 2013 as a result of the three-for-one stock split):



	Year Ended December 31,
(In thousands, except share, per share data and percentages)	2015			2014			2013
Numerator:
Net income	$	242,406		$	244,083		$	233,506
Less: dividends declared and paid — common and restricted shares	(108,211		)	(95,503		)	(84,104		)
Undistributed earnings	134,195			148,580			149,402
Percentage allocated to common shares (a)	99.3		%	99.2		%	99.1		%
Undistributed earnings — common shares	133,256			147,391			148,057
Add: dividends declared and paid — common shares	107,520			94,824			83,351
Numerator for basic and diluted earnings per common share	$	240,776		$	242,215		$	231,408
Denominator:
Basic earnings per common share — weighted average common shares outstanding	153,670,087			155,363,848			155,736,384
Incremental shares for stock options, ESPP shares and performance shares — weighted average assumed conversion	1,031,034			1,453,804			1,288,620
Diluted earnings per common share — adjusted weighted average shares and assumed conversion	154,701,121			156,817,652			157,025,004
Per common share net income:
Basic	$	1.57		$	1.56		$	1.49
Diluted	$	1.56		$	1.54		$	1.47

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(a)	Weighted average common shares outstanding	153,670,087		155,363,848		155,736,384
	Weighted average restricted shares (participating securities)	1,102,051		1,277,128		1,472,967
	Total	154,772,138		156,640,976		157,209,351
	Percentage allocated to common shares	99.3	%	99.2	%	99.1	%

The incremental shares for stock options and the ESPP shares are included in the diluted EPS calculation using the treasury stock method, unless the effect of including them would be anti-dilutive. Additionally, the performance shares discussed in Note 14 are included in the diluted EPS calculation using the treasury stock method when the performance metric is substantively measurable as of the end of the reporting period and has been met under the assumption the end of the reporting period was the end of the performance period. The outstanding stock options, ESPP shares and performance shares and the anti-dilutive stock options and ESPP shares excluded from the diluted EPS calculations were as follows:



	2015	2014	2013
Outstanding stock options, ESPP shares and performance shares (as of December 31)	4,096,910	4,603,292	5,169,828
Anti-dilutive stock options and ESPP shares (for the year ended December 31)	1,056,250	550,178	912,570

Stock Split

Below are the effects of the stock split on earnings per share for the year ended December 31, 2013:



(In thousands, except per share and share data)	Reported		Adjustment			Adjusted
For the year ended December 31, 2013
Numerator for basic and diluted earnings per common share	$	231,408	$	—		$	231,408
Denominator:
Basic earnings per common share — weighted average common shares	51,912,128		103,824,256			155,736,384
Incremental shares for stock options and employee stock purchase plan	429,540		859,080			1,288,620
Diluted earnings per common share — adjusted weighted average shares and assumed conversion	52,341,668		104,683,336			157,025,004
Per common share net income:
Basic	$	4.46	$	(2.97	)	$	1.49
Diluted	$	4.42	$	(2.95	)	$	1.47

Below are the effects of the stock split on other disclosures included for earnings per share for the year ended December 31, 2013:

Percentage Allocated to Common Shares



	Reported		Adjustment		Adjusted
For the year ended December 31, 2013
Weighted-average common shares outstanding	51,912,128		103,824,256		155,736,384
Weighted-average restricted shares (participating securities)	490,989		981,978		1,472,967
Total	52,403,117		104,806,234		157,209,351
Percentage allocated to common shares	99.1	%	—	%	99.1	%

Outstanding and Anti-dilutive Stock Options and ESPP Shares

The outstanding stock options and the ESPP shares as of December 31, 2013 and the anti-dilutive stock options and ESPP shares excluded from the diluted earnings per share calculations for the year ended December 31, 2013 was as follows:



	Reported	Adjustment	Adjusted
As of and for the year ended December 31, 2013
Outstanding stock options and ESPP shares	1,723,276	3,446,552	5,169,828
Anti-dilutive stock options and ESPP shares	304,190	608,380	912,570

Impacts of the Accelerated Share Repurchase Program

The basic shares outstanding as of December 31, 2015 and 2014 include the impact of the aggregate 7.2 million and 3.6 million shares, respectively, received under the ASR programs described in Note 13.