Earnings Per Share

3 Months Ended

Mar. 31, 2014

Earnings Per Share [Abstract]

Earnings Per Share

(6) EARNINGS PER SHARE

Basic EPS is computed by dividing net income (the numerator) by the weighted-average number of common shares outstanding for the period (the denominator). Diluted EPS is similarly calculated except that the denominator is increased using the treasury stock method to reflect the potential dilution that could occur if outstanding stock options were exercised and unvested restricted stock and performance unit awards were vested at the end of the applicable period.

The following table presents the computation of earnings per share for the three month period ended March 31, 2014 and 2013:

	For the three months ended
	March 31,
	2014		2013
Net income (in thousands)	$	194,190	$	127,515
Number of common shares:
Weighted average outstanding		351,222,538		350,032,430
Issued upon assumed exercise of outstanding stock options		348,798		579,022
Effect of issuance of nonvested restricted common stock		349,608		126,857
Effect of issuance of nonvested performance units		64,877		–
Weighted average and potential dilutive outstanding(1)		351,985,821		350,738,309
Earnings (loss) per share:
Basic	$	0.55	$	0.36
Diluted	$	0.55	$	0.36

⁽¹⁾ Options for 1,179,914 shares and 29,688 shares of restricted stock were excluded from the calculation for the three months ended March 31, 2014 because they would have had an antidilutive effect.  Options for 2,112,679 shares and 271,674 shares of restricted stock were excluded from the calculation for the three months ended March 31, 2013 because they would have had an antidilutive effect.