Earnings per Share

6 Months Ended

Jun. 30, 2016

Note H – Earnings per Share

Net income (loss) was used as the numerator in computing both basic and diluted income per Common share for the

three-months and six-month periods ended June 30, 2016 and 2015. The following table reconciles the weighted-average shares outstanding used for these computations.



	Three Months Ended		Six Months Ended
	June 30,		June 30,
(Weighted-average shares)	2016	2015	2016	2015
Basic method	172,196,914	174,488,842	172,149,791	176,343,309
Dilutive stock options*	602,913	–	–	–
Diluted method	172,799,827	174,488,842	172,149,791	176,343,309

*Due to a net loss recognized by the Company for the three-month period ended June 30, 2015 and six-month periods ended June 30, 2016 and 2015, no unvested stock awards were included in the computation of diluted earnings per share because the effect would have been anti-dilutive.



	Three Months Ended				Six Months Ended
		June 30,			June 30,
		2016	2015		2016		2015
Antidilutive stock options excluded from diluted shares		5,084,395		5,988,668		5,799,268		5,767,975
Weighted average price of these options	$	54.22	$	53.12		50.17		53.31