Earnings per Common Share

12 Months Ended

Dec. 31, 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:



	December 31,
(In thousands)	2015	2014	2013
Weighted-average shares - basic	413,696	415,840	420,188
Dilution effect of stock appreciation rights and stock awards at end of period	—	1,761	2,187
Weighted-average shares - diluted	413,696	417,601	422,375
Weighted-average shares excluded from diluted EPS due to the anti-dilutive effect	1,481	20	5