Earnings per Common Share

3 Months Ended

Mar. 31, 2016

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 March 31,
(In thousands)	2016	2015
Weighted-average shares - basic	431,841	413,344
Dilution effect of stock appreciation rights and stock awards at end of period	—	1,427
Weighted-average shares - diluted	431,841	414,771

Weighted-average shares excluded from diluted EPS due to the anti-dilutive effect	700	401