Earnings per Common Share

6 Months Ended

Jun. 30, 2015

Basic earnings per share (EPS) is computed by dividing net income by the weighted-average number of common shares outstanding for the period. Diluted EPS is similarly calculated except that the common shares outstanding for the period is increased using the treasury stock method to reflect the potential dilution that could occur if outstanding stock appreciation rights were exercised and stock awards were vested at the end of the applicable period.

The following is a calculation of basic and diluted weighted-average shares outstanding:



	Three Months Ended June 30,		Six Months Ended June 30,
(In thousands)	2015	2014	2015	2014
Weighted-average shares - basic	413,713	417,291	413,530	417,097
Dilution effect of stock appreciation rights and stock awards at end of period	—	1,801	1,348	1,645
Weighted-average shares - diluted	413,713	419,092	414,878	418,742

Weighted-average stock awards and shares excluded from diluted EPS due to the anti-dilutive effect	1,655	2	400	409