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PER SHARE DATA
3 Months Ended
Sep. 30, 2014
PER SHARE DATA [Abstract]  
PER SHARE DATA

NOTE 6 – PER SHARE DATA

 

Basic earnings per share (“EPS”) are calculated using the two-class method.  The two-class method provides that unvested share-based payment awards that contain nonforfeitable rights to dividends or dividend equivalents (whether paid or unpaid) are participating securities and shall be included in the computation of basic EPS.  Diluted EPS is computed using the weighted-average number of shares determined for the basic EPS computation plus the shares resulting from the assumed exercise of all outstanding share-based awards using the treasury stock method.  Weighted-average antidilutive stock options to purchase approximately 907,000 and approximately 69,000 shares of Company common stock with a weighted average exercise price of $23.43 and $24.89 per share for the three months and nine months ended September 30, 2014, respectively, were excluded from diluted shares.  There were no antidilutive other equity awards for the three months and nine months ended September 30, 2014.  Weighted-average antidilutive stock options to purchase 1.6 million and 1.8 million shares of Company common stock with a weighted average exercise price of $23.42 and $23.40 per share for the three months and nine months ended September 30, 2013, respectively, were excluded from diluted shares. There were no antidilutive other equity awards for the three months and nine months ended September 30, 2013.  The following table provides a reconciliation of the numerators and denominators of the basic and diluted earnings per share computations for the periods shown:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended September 30,

 

 

2014

 

2013

 

 

Income

 

Shares

 

Per Share

 

Income

 

Shares

 

Per Share

 

 

(Numerator)

 

(Denominator)

 

Amount

 

(Numerator)

 

(Denominator)

 

Amount

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic EPS

(In thousands, except per share amounts)

Income available to common

 

 

 

 

 

 

 

 

 

 

 

 

shareholders

 

$       28,778 

 

96,052 

 

$       0.30 

 

$       24,857 

 

95,201 

 

$       0.26 

Effect of dilutive share-

 

 

 

 

 

 

 

 

 

 

 

 

based awards

 

               -

 

322 

 

 

 

               -

 

318 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted EPS

 

 

 

 

 

 

 

 

 

 

 

 

Income available to common

 

 

 

 

 

 

 

 

 

 

 

 

shareholders plus assumed

 

 

 

 

 

 

 

 

 

 

 

 

exercise of all outstanding

 

 

 

 

 

 

 

 

 

 

 

 

share-based awards

 

$       28,778 

 

96,374 

 

$       0.30 

 

$       24,857 

 

95,519 

 

$       0.26 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nine months ended September 30,

 

 

2014

 

2013

 

 

Income

 

Shares

 

Per Share

 

Income

 

Shares

 

Per Share

 

 

(Numerator)

 

(Denominator)

 

Amount

 

(Numerator)

 

(Denominator)

 

Amount

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic EPS

(In thousands, except per share amounts)

Income available to common

 

 

 

 

 

 

 

 

 

 

 

 

shareholders

 

$       88,090 

 

95,906 

 

$       0.92 

 

$       66,417 

 

94,991 

 

$       0.70 

Effect of dilutive share-

 

 

 

 

 

 

 

 

 

 

 

 

based awards

 

               -

 

327 

 

 

 

               -

 

236 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted EPS

 

 

 

 

 

 

 

 

 

 

 

 

Income available to common

 

 

 

 

 

 

 

 

 

 

 

 

shareholders plus assumed

 

 

 

 

 

 

 

 

 

 

 

 

exercise of all outstanding

 

 

 

 

 

 

 

 

 

 

 

 

share-based awards

 

$       88,090 

 

96,233 

 

$       0.92 

 

$       66,417 

 

95,227 

 

$       0.70