Earnings and Dividends Per Share

6 Months Ended

Jun. 30, 2016

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				Six Months Ended
	June 30,				June 30,
	2016		2015		2016		2015
Net income attributable to common stockholders	$	44,595	$	31,182	$	77,320	$	60,866

BASIC:
Weighted average common shares outstanding	38,520,221		37,566,221		38,460,934		37,562,144

DILUTED:
Weighted average common shares outstanding	38,520,221		37,566,221		38,460,934		37,562,144
Stock options	41,163		40,896		27,154		54,577
Convertible subordinated debentures	—		—		—		9,471
Average dilutive common shares outstanding	38,561,384		37,607,117		38,488,088		37,626,192

Net income per common share - basic	$	1.16	$	.83	$	2.01	$	1.62
Net income per common share - diluted	$	1.16	$	.83	$	2.01	$	1.62

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	41,163		51,643		23,367		22,401
Regular dividends declared per common share	$	.90	$	.85	$	1.80	$	1.70