Earnings per Common Share

9 Months Ended

Sep. 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 September 30,		Nine Months Ended September 30,
(In thousands)	2015	2014	2015	2014
Weighted-average shares - basic	413,846	416,173	413,636	416,785
Dilution effect of stock appreciation rights and stock awards at end of period	—	1,920	—	1,683
Weighted-average shares - diluted	413,846	418,093	413,636	418,468

Weighted-average stock awards and shares excluded from diluted EPS due to the anti-dilutive effect	1,692	—	1,390	461