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Net Income Per Common Share
 9 Months Ended
Sep. 30, 2015
Earnings Per Share [Abstract]  
NET INCOME PER COMMON SHARE
NET INCOME PER COMMON SHARE
(Thousands of dollars except per share data)
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
 
2015
 
2014
 
2015
 
2014
Basic
 
 
 
 
 
 
 
Average common shares outstanding
92,196,458

 
94,800,191

 
92,398,962

 
96,744,423

 
 
 
 
 
 
 
 
Net income
$
374,491

 
$
326,240

 
$
855,832

 
$
733,144

Less net income allocated to unvested restricted shares
(1,669
)
 
(1,992
)
 
(3,683
)
 
(4,237
)
Net income allocated to common shares
$
372,822

 
$
324,248

 
$
852,149

 
$
728,907

Basic net income per common share
$
4.04

 
$
3.42

 
$
9.22

 
$
7.53

 
 
 
 
 
 
 
 
Diluted
 
 
 
 
 
 
 
Average common shares outstanding
92,196,458

 
94,800,191

 
92,398,962

 
96,744,423

Stock options and other contingently issuable shares (1)
1,698,414

 
1,913,852

 
1,864,371

 
1,926,576

Average common shares outstanding assuming dilution
93,894,872

 
96,714,043

 
94,263,333

 
98,670,999

 
 
 
 
 
 
 
 
Net income
$
374,491

 
$
326,240

 
$
855,832

 
$
733,144

Less net income allocated to unvested restricted shares
 
 
 
 
 
 
 
assuming dilution
(1,641
)
 
(1,955
)
 
(3,618
)
 
(4,160
)
Net income allocated to common shares assuming
 
 
 
 
 
 
 
dilution
$
372,850

 
$
324,285

 
$
852,214

 
$
728,984

Diluted net income per common share
$
3.97

 
$
3.35

 
$
9.04

 
$
7.39

 
(1) 
Stock options and other contingently issuable shares excluded 34,473 and 31,615 shares due to their anti-dilutive effect for the three and nine months ended September 30, 2015. Stock options and other contingently issuable shares excluded 15,885 shares for the nine months ended September 30, 2014. There were no options excluded due to their anti-dilutive effect for the three months ended September 30, 2014.
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.