Earnings and Dividends Per Share

9 Months Ended

Sep. 30, 2015

EARNINGS AND DIVIDENDS PER SHARE

The weighted average number of common shares outstanding during the reporting period is used to calculate basic earnings per common share. Diluted earnings per common share assume the exercise of stock options and the conversion of our convertible debt using the treasury stock method, to the extent dilutive. If our average stock price for the period increases over the conversion price of our convertible debt, the conversion feature will be considered dilutive.

The following table summarizes the average number of common shares and the net income used in the calculation of basic and diluted earnings per common share (in thousands, except share and per share amounts):



	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2015		2014		2015		2014
Net income attributable to common stockholders	$	33,600	$	25,250	$	94,466	$	74,080

BASIC:
Weighted average common shares outstanding	37,566,221		33,055,992		37,563,503		33,053,386

DILUTED:
Weighted average common shares outstanding	37,566,221		33,055,992		37,563,503		33,053,386
Stock options	16,920		32,578		42,024		33,643
Convertible subordinated debentures	—		—		6,314		—
Average dilutive common shares outstanding	37,583,141		33,088,570		37,611,841		33,087,029

Net income per common share - basic	$	.89	$	.76	$	2.51	$	2.24
Net income per common share - diluted	$	.89	$	.76	$	2.51	$	2.24

Incremental shares excluded since anti-dilutive:
Net share effect of stock options with an exercise price in excess of the average market price for our common shares	107,993		24,659		42,052		26,734

Regular dividends declared per common share	$	.85	$	.77	$	2.55	$	2.31