Computation of Basic and Diluted Earnings per Common Share

6 Months Ended

Jun. 30, 2014

Earnings Per Share [Abstract]

Computation of Basic and Diluted Earnings per Common Share

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 1,539,861 and 1,308,177 employee stock option awards from the calculation of earnings per share for the three and six months ended June 30, 2014, respectively, as the effect would be anti-dilutive. 

	Three Months Ended   June 30,				Six Months Ended   June 30,
	2014		2013		2014		2013
Earnings per common share
Net income attributable to SCUSA	$	246,481	$	181,918	$	327,947	$	472,320
Weighted average number of common shares outstanding before restricted participating shares (in thousands)	348,243		346,171		347,882		346,168
Weighted average number of participating restricted common shares outstanding (in thousands)	584		—		584		—
Weighted average number of common shares outstanding (in thousands)	348,827		346,171		348,466		346,168
Earnings per common share	$	0.71	$	0.53	$	0.94	$	1.36
Earnings per common share - assuming dilution
Net income attributable to SCUSA	$	246,481	$	181,918	$	327,947	$	472,320
Weighted average number of common shares outstanding (in thousands)	348,827		346,171		348,466		346,168
Effect of employee stock-based awards (in thousands)	7,555		—		7,543		—
Weighted average number of common shares outstanding - assuming dilution (in thousands)	356,382		346,171		356,008		346,168
Earnings per common share - assuming dilution	$	0.69	$	0.53	$	0.92	$	1.36