EARNINGS PER SHARE (Notes)

3 Months Ended

Mar. 31, 2015

EARNINGS PER SHARE [Line Items]

Earnings Per Share [Text Block]

6. EARNINGS PER SHARE

Basic EPS is based on net income and is calculated based upon the daily weighted-average number of common shares outstanding during the periods presented. Also, this calculation includes fully vested stock awards that have not yet been issued as common stock. Diluted EPS includes the above, plus unvested stock awards granted under our compensation plans, but only to the extent these instruments dilute earnings per share.

The following tables set forth the computation of basic and diluted EPS from continuing operations for the periods indicated:

	Three Months Ended March 31, 2015
	Income		Shares	Per Share Amount
	(Thousands, except per share amounts)
Basic EPS Calculation
Net income available for common stock	$	60,381	52,707	$	1.15
Diluted EPS Calculation
Effect of dilutive securities	—		739
Net income available for common stock and common stock equivalents	$	60,381	53,446	$	1.13

	Three Months Ended March 31, 2014
	Income		Shares	Per Share Amount
	(Thousands, except per share amounts)
Basic EPS Calculation
Net income available for common stock	$	59,076	52,334	$	1.13
Diluted EPS Calculation
Effect of dilutive securities	—		178
Net income available for common stock and common stock equivalents	$	59,076	52,512	$	1.13

On January 31, 2014, 51,941,236 shares of our common stock were distributed to ONEOK shareholders in conjunction with the separation. For comparative purposes, and to provide a more meaningful calculation of weighted-average shares outstanding, we have assumed this amount and any shares associated with fully vested stock awards that have not been issued to be outstanding as of the beginning of each period prior to the separation presented in the calculation of weighted-average shares.

Dividends - In April 2015, a dividend of $0.30 per share ($1.20 per share on an annualized basis) was declared for shareholders of record on May 15, 2015, payable June 1, 2015.