Computation of Basic and Diluted Earnings per Common Share

3 Months Ended

Mar. 31, 2014

Computation of Basic and Diluted Earnings per Common Share

12. Computation of Basic and Diluted Earnings per Common Share

Earnings per common share is computed using the two-class method required for participating securities. Restricted stock awards are considered to be participating securities because holders of such shares have non-forfeitable dividend rights in the event of a declaration of a dividend on the Company’s common shares.

We have excluded 28,000 employee stock option awards from the calculation of earnings per share for the three months ended March 31, 2014, because the effect would be anti-dilutive.  

	Three Months Ended
	March 31,
	2014		2013
Earnings per common share
Net income attributable to SCUSA		81,466		290,402
Weighted average number of common shares outstanding before restricted participating shares (in thousands)		347,518		346,165
Weighted average number of participating restricted common shares outstanding (in thousands)		584		—
Weighted average number of common shares outstanding (in thousands)		348,102		346,165
Earnings per common share	$	0.23	$	0.84
Earnings per common share - assuming dilution
Net income attributable to SCUSA		81,466		290,402
Weighted average number of common shares outstanding (in thousands)		348,102		346,165
Effect of employee stock-based awards (in thousands)		8,223		—
Weighted average number of common shares outstanding - assuming dilution (in thousands)		356,325		346,165
Earnings per common share - assuming dilution	$	0.23	$	0.84