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Net Income Per Common Share
 6 Months Ended
Jun. 30, 2014
Earnings Per Share [Abstract]  
NET INCOME PER COMMON SHARE
NET INCOME PER COMMON SHARE
(Thousands of dollars except per share data)
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2014
 
2013
 
2014
 
2013
Basic
 
 
 
 
 
 
 
Average common shares outstanding
96,599,869

 
101,665,737

 
97,716,539

 
101,813,398

 
 
 
 
 
 
 
 
Net income
$
291,447

 
$
257,287

 
$
406,904

 
$
373,472

Less net income allocated to unvested restricted shares
(1,722
)
 
(1,639
)
 
(2,245
)
 
(2,278
)
Net income allocated to common shares
$
289,725

 
$
255,648

 
$
404,659

 
$
371,194

Basic net income per common share
$
3.00

 
$
2.51

 
$
4.14

 
$
3.65

 
 
 
 
 
 
 
 
Diluted
 
 
 
 
 
 
 
Average common shares outstanding
96,599,869

 
101,665,737

 
97,716,539

 
101,813,398

Stock options and other contingently issuable shares (1)
1,942,040

 
2,231,043

 
1,972,018

 
2,218,320

Average common shares outstanding assuming dilution
98,541,909

 
103,896,780

 
99,688,557

 
104,031,718

 
 
 
 
 
 
 
 
Net income
$
291,447

 
$
257,287

 
$
406,904

 
$
373,472

Less net income allocated to unvested restricted shares
 
 
 
 
 
 
 
assuming dilution
(1,690
)
 
(1,607
)
 
(2,205
)
 
(2,235
)
Net income allocated to common shares assuming
 
 
 
 
 
 
 
dilution
$
289,757

 
$
255,680

 
$
404,699

 
$
371,237

Diluted net income per common share
$
2.94

 
$
2.46

 
$
4.06

 
$
3.57

 
(1) 
There were no options excluded due to their anti-dilutive effect for the three months ended June 30, 2014. Stock options and other contingently issuable shares excluded 2,932 shares for the six months ended June 30, 2014. There were no options excluded due to their anti-dilutive effect for the three and six months ended June 30, 2013.
The Company has two classes of participating securities: common shares and restricted shares, representing 99% and 1% of outstanding shares, respectively. The restricted shares are shares of unvested restricted stock granted under the Company’s restricted stock award program. Time-based restricted shares receive non-forfeitable dividends, while dividends on performance-based restricted shares are deferred and payment is contingent upon the awards vesting. The time-based restricted shares are considered a participating security, therefore, basic and diluted earnings per share are calculated using the two-class method in accordance with the Earnings Per Share Topic of the ASC.