Income Per Common Share

3 Months Ended

Mar. 31, 2015

Earnings Per Share [Abstract]

Income Per Common Share

(6) INCOME PER COMMON SHARE

Basic income or loss per share attributable to common shareholders is computed as (1) income or loss attributable to common shareholders (2) less income allocable to participating securities (3) divided by weighted average basic shares outstanding. Diluted income or loss per share attributable to common stockholders is computed as (1) basic income or loss attributable to common shareholders (2) plus diluted adjustments to income allocable to participating securities (3) divided by weighted average diluted shares outstanding. The following tables set forth a reconciliation of income or loss attributable to common shareholders to basic income or loss attributable to common shareholders to diluted income or loss attributable to common shareholders (in thousands except per share amounts):

	Three Months Ended March 31,
	2015			2014
Net income, as reported	$	27,684		$	32,521
Participating earnings (a)		(463	)		(560	)
Basic net income attributed to common shareholders		27,221			31,961
Reallocation of participating earnings (a)		—			3
Diluted net income attributed to common shareholders	$	27,221		$	31,964
Net income per common share:
Basic	$	0.16		$	0.20
Diluted	$	0.16		$	0.20

^(a) Restricted Stock Awards represent participating securities because they participate in nonforfeitable dividends or distributions with common equity owners. Income allocable to participating securities represents the distributed and undistributed earnings attributable to the participating securities. Participating securities, however, do not participate in undistributed net losses.

The following table provides a reconciliation of basic weighted average common shares outstanding to diluted weighted average common shares outstanding (in thousands):

	Three Months Ended March 31,
	2015		2014
Weighted average common shares outstanding – basic		166,039		160,794
Effect of dilutive securities:
Director and employee stock options and SARs		27		1,031
Weighted average common shares outstanding – diluted		166,066		161,825

Weighted average common shares-basic for both the three months ended March 31, 2015 and 2014 excludes 2.8 million shares held in our deferred compensation plans (although all awards are issued and outstanding upon grant). Stock appreciation rights (“SARs”) of 1.4 million shares for the three months ended March 31, 2015, were outstanding but not included in the computations of diluted income per share because the grant prices of the SARs were greater than the average market price of the common stock. All SARs outstanding for the three months ended March 31, 2014 were included in the computations of diluted income per share because the grant prices of the SARs were less than the average market price of the common stock.