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Earnings Per Common Share
 9 Months Ended
Sep. 30, 2015
Earnings Per Share [Abstract]  
Earnings Per Common Share
Earnings Per Common Share

Basic net earnings per share are computed using the weighted-average number of common shares outstanding. The dilutive effect of potential common shares outstanding is included in diluted net earnings per share. The computations of basic net earnings per share and diluted net earnings per share are as follows:

 
 
Three Months Ended September 30, 2015
 
Income
(Numerator)
 
Shares
(Denominator)
 
Per-share
Amount
 
 
Net income
$
17,086,000

 
 
 
 
 
Basic earnings per common share
$
17,086,000

 
72,009,000

 
$
0.24

 
Effect of dilutive securities:
 
 
 
 
 
 
Stock options and restricted stock
 
 
682,000

 
—

 
Diluted earnings per common share
$
17,086,000

 
72,691,000

 
$
0.24

 
 
 
 
 
Three Months Ended September 30, 2014
 
Income
(Numerator)
 
Shares
(Denominator)
 
Per-share
Amount
 
 
Net loss
$
(22,182,000
)
 
 
 
 
 
Basic loss per common share
$
(22,182,000
)
 
70,671,000

 
$
(0.31
)
 
Effect of dilutive securities:
 
 
 
 
 
 
Stock options and restricted stock
 
 
—

 
—

 
Diluted loss per common share
$
(22,182,000
)
 
70,671,000

 
$
(0.31
)


 
 
Nine Months Ended September 30, 2015
 
Income
(Numerator)
 
Shares
(Denominator)
 
Per-share
Amount
 
 
Net income
$
48,890,000

 
 
 
 
 
Basic earnings per common share
$
48,890,000

 
71,714,000

 
$
0.68

 
Effect of dilutive securities:
 
 
 
 
 
 
Stock options and restricted stock
 
 
667,000

 
—

 
Diluted earnings per common share
$
48,890,000

 
72,381,000

 
$
0.68

 
 
 
 
 
Nine Months Ended September 30, 2014
 
Income
(Numerator)
 
Shares
(Denominator)
 
Per-share
Amount
 
 
Net income
$
6,378,000

 
 
 
 
 
Basic earnings per common share
$
6,378,000

 
70,479,000

 
$
0.09

 
Effect of dilutive securities:
 
 
 
 
 
 
Stock options and restricted stock
 
 
734,000

 
—

 
Diluted earnings per common share
$
6,378,000

 
71,213,000

 
$
0.09



Stock awards to purchase 597,000 and 925,000 shares of common stock having average exercise prices of $30.03 and $29.33 per common share, respectively, were outstanding during the three and nine months ended September 30, 2015 but not included in the computation of diluted earnings per common share because the exercise prices of the options were greater than the average market price of the common shares, and therefore, would be antidilutive.

Stock awards to purchase 909,000 and 827,000 shares of common stock having average exercise prices of $26.01 and $26.32 per common share, respectively, were outstanding during the three and nine months ended September 30, 2014 but not included in the computation of diluted earnings per common share because the exercise prices of the options were greater than the average market price of the common shares, and therefore, would be antidilutive.