Earnings and Dividends Per Share

3 Months Ended

Mar. 31, 2016

Earnings Per Share [Abstract]

Earnings Per Share

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
	March 31,
	2016		2015
Net income attributable to common stockholders	$	32,725	$	29,683
BASIC:
Weighted average common shares outstanding	38,401,647		37,558,067
DILUTED:
Weighted average common shares outstanding	38,401,647		37,558,067
Stock options	13,144		68,257
Convertible subordinated debentures	—		18,941
Average dilutive common shares outstanding	38,414,791		37,645,265
Net income per common share - basic	$	.85	$	.79
Net income per common share - diluted	$	.85	$	.79
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	75,050		5,666
Regular dividends declared per common share	$	.90	$	.85