Computation of Earnings per Share (Tables)

3 Months Ended

Mar. 31, 2015

Computation of Basic and Diluted Earnings Per Share

The following table presents the Company’s computation of basic and diluted EPS for the periods indicated:

	Three Months Ended March 31,
(in thousands, except share and per share amounts)	2015		2014
Net income		$119,259		$115,254
Less: Dividends paid on and earnings allocated to participating securities		(872)		(796)
Earnings applicable to common stock		$118,387		$114,458
Weighted average common shares outstanding		441,990,338		440,570,598
Basic earnings per common share		$0.27		$0.26
Earnings applicable to common stock		$118,387		$114,458
Weighted average common shares outstanding		441,990,338		440,570,598
Potential dilutive common shares (1)		--		--
Total shares for diluted earnings per share computation		441,990,338		440,570,598
Diluted earnings per common share and common share equivalents		$0.27		$0.26

(1) Options to purchase 32,400 and 57,400 shares, of the Company’s common stock that were outstanding as of March 31, 2015 and 2014, respectively, at weighted average exercise prices of $18.15 and $18.08 per share, were excluded from the respective computations of diluted EPS because their inclusion would have had an antidilutive effect.