EARNINGS PER SHARE

3 Months Ended

Mar. 31, 2014

EARNINGS PER SHARE

EARNINGS PER SHARE

13. EARNINGS PER SHARE

Basic earnings per share is computed by dividing net income by the weighted-average number of common shares outstanding during the period, including shares issuable under various deferred compensation plans. Diluted earnings per share is computed by dividing net income by the weighted-average number of common shares and dilutive potential common shares outstanding during the period, assuming the shares were not anti-dilutive, including shares issuable under various stock-based compensation plans and stock purchase contracts.

A reconciliation of the numerators and denominators of the basic and diluted earnings per share is presented below:

	For The Three Months Ended March 31,
	2014		2013
	(Dollars In Thousands, Except Per Share Amounts)
Calculation of basic earnings per share:
Net income	$	83,639	$	78,291
Average shares issued and outstanding	78,627,003		78,206,920
Issuable under various deferred compensation plans	981,458		932,472
Weighted shares outstanding - basic	79,608,461		79,139,392
Per share:
Net income - basic	$	1.05	$	0.99
Calculation of diluted earnings per share:
Net income	$	83,639	$	78,291
Weighted shares outstanding - basic	79,608,461		79,139,392
Stock appreciation rights (“SARs”)(1)	466,251		440,164
Issuable under various other stock-based compensation plans	565,664		812,749
Restricted stock units	231,776		314,439
Weighted shares outstanding - diluted	80,872,152		80,706,744
Per share:
Net income - diluted	$	1.03	$	0.97

(1)Excludes 670,320 SARs as of March 31, 2013 which are antidilutive. In the event the average market price exceeds the issue price of the SARs, such rights would be dilutive to the Company’s earnings per share and will be included in the Company’s calculation of the diluted average shares outstanding, for applicable periods.