Net Income Per Share

12 Months Ended

Dec. 31, 2014

Earnings Per Share [Abstract]

Net Income Per Share

Net Income Per Share

The calculation of net income per share for the three years ended December 31, 2014 is reflected in the following table (in thousands, except per share amounts):

	Years Ended December 31,
	2014		2013		2012
Basic net income per share:
Net income	$	305,928	$	252,195	$	209,942
Income allocated to participating securities	—		3		1,081
Net income available to common stockholders	$	305,928	$	252,192	$	208,861
Basic weighted average shares	134,358		136,153		138,201
Basic net income per share	$	2.28	$	1.85	$	1.51
Diluted net income per share:
Net income	$	305,928	$	252,195	$	209,942
Income allocated to participating securities	—		3		1,075
Net income available to common stockholders	$	305,928	$	252,192	$	208,867
Basic weighted average shares	134,358		136,153		138,201
Dilutive effect of potential common shares	1,183		1,436		1,208
Diluted weighted average shares	135,541		137,589		139,409
Diluted net income per share	$	2.26	$	1.83	$	1.50

Potential common shares include the dilutive effect of stock options, unvested performance-based restricted stock, restricted stock which contains forfeitable rights to dividends, and stock units. The weighted average diluted common shares outstanding for the years ended December 31, 2014, 2013 and 2012, excludes the effect of the following (in thousands):

	Years Ended December 31,
	2014	2013	2012
Total number of anti-dilutive potential common shares	1	—	227

Employee stock options will have a dilutive effect under the treasury method only when the respective period’s average market value of the Company’s common stock exceeds the exercise proceeds. Under the treasury method, exercise proceeds include the amount the employee must pay for exercising stock options, the amount of compensation cost for future service that the Company has not yet recognized, and the amount of tax benefits that would be recorded in capital surplus, if the options were exercised and the stock units and performance-based restricted stock had vested.