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Earnings Per Share ("EPS")
 9 Months Ended
Sep. 30, 2015
Earnings Per Share [Abstract]  
Earnings Per Share

NOTE 25 – Earnings Per Share (“EPS”)

Basic EPS is computed by dividing earnings available to common shareholders by the weighted-average number of common shares outstanding. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the entity. Diluted earnings per share include dilutive stock options and stock units under the treasury stock method.

The following table sets forth the computation of basic and diluted earnings per share for the three and nine months ended September 30, 2015 and 2014 (in thousands, except per share data):

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2015

 

 

2014

 

 

2015

 

 

2014

 

Income from continuing operations

 

$

17,179

 

 

$

40,093

 

 

$

81,164

 

 

$

133,643

 

Loss from discontinued operations, net of tax

 

 

—

 

 

 

(190

)

 

 

—

 

 

 

(2,757

)

Net income

 

$

17,179

 

 

$

39,903

 

 

$

81,164

 

 

$

130,886

 

Shares for basic and diluted calculation:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average shares used in basic computation

 

 

69,633

 

 

 

66,691

 

 

 

68,675

 

 

 

66,344

 

Dilutive effect of stock options and units (1)

 

 

10,126

 

 

 

9,990

 

 

 

9,651

 

 

 

9,667

 

Average shares used in diluted computation

 

 

79,759

 

 

 

76,681

 

 

 

78,326

 

 

 

76,011

 

Earnings per basic common share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from continuing operations

 

$

0.25

 

 

$

0.60

 

 

$

1.18

 

 

$

2.01

 

Loss from discontinued operations

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(0.04

)

Earnings per basic common share

 

$

0.25

 

 

$

0.60

 

 

$

1.18

 

 

$

1.97

 

Earnings per diluted common share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from continuing operations

 

$

0.22

 

 

$

0.52

 

 

$

1.04

 

 

$

1.76

 

Loss from discontinued operations

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(0.04

)

Earnings per basic common share

 

$

0.22

 

 

$

0.52

 

 

$

1.04

 

 

$

1.72

 

 

1

Diluted earnings per share is computed on the basis of the weighted-average number of shares of common stock plus the effect of dilutive potential common shares outstanding during the period using the treasury stock method. Diluted earnings per share include stock options and units.

For the three and nine months ended September 30, 2015 and 2014, the anti-dilutive effect from restricted stock units was immaterial.