Earnings Per Share

12 Months Ended

Dec. 31, 2016

The following table sets forth the computation of basic and diluted earnings per share from continuing operations for the years ended December 31 (in thousands except per share amounts):



	2016		2015		2014
Numerator:
Income used in computing basic and diluted earnings per share	$	692,164	$	752,207	$	844,611
Denominator:
Denominator for basic earnings per share-weighted-average common shares	179,676		202,681		216,305
Effect of dilutive securities – employee stock compensation plan	859		1,005		1,401
Denominator for diluted earnings per share- adjusted weighted-average shares outstanding	180,535		203,686		217,706
Earnings per common share:
Basic	$	3.85	$	3.71	$	3.90
Diluted	$	3.83	$	3.69	$	3.88

Options to purchase 1.4 million, 1.0 million and 0.5 million weighted-average shares of common stock outstanding during 2016, 2015 and 2014, respectively, were not included in the Company’s computation of dilutive securities because the exercise price was greater than the market price and therefore the effect would have been anti-dilutive.

The Company has a share-based compensation plan under which employees may be granted share-based awards, including shares of restricted stock and restricted stock units (RSUs). Non-forfeitable dividends are paid on unvested shares of restricted stock and non-forfeitable dividend equivalents are paid on unvested RSUs. As such, shares of restricted stock and RSUs are considered participating securities under the two-class method of calculating earnings per share as described in ASC Topic 260, “Earnings per Share.” The two-class method of calculating earnings per share did not have a material impact on the Company’s earnings per share calculation as of December 31, 2016, 2015 and 2014.