Computation of Earnings per Share (Tables)

9 Months Ended

Sep. 30, 2014

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 September 30,						Nine Months Ended September 30,
(in thousands, except share and per share data)	2014			2013			2014			2013
Net income	$	120,258		$	114,200		$	354,200		$	355,392
Less: Dividends paid on and earnings allocated to participating securities		(851	)		(723	)		(2,500	)		(2,248	)
Earnings applicable to common stock	$	119,407		$	113,477		$	351,700		$	353,144

Weighted average common shares outstanding		441,127,550			439,435,579			440,953,121			439,199,487
Basic earnings per common share	$	0.27		$	0.26		$	0.80		$	0.80

Earnings applicable to common stock	$	119,407		$	113,477		$	351,700		$	353,144

Weighted average common shares outstanding		441,127,550			439,435,579			440,953,121			439,199,487
Potential dilutive common shares ⁽¹⁾		--			--			--			3,971
Total shares for diluted earnings per share computation		441,127,550			439,435,579			440,953,121			439,203,458

Diluted earnings per common share and common share equivalents	$	0.27		$	0.26		$	0.80		$	0.80

(1)

Options to purchase 58,560 shares of the Company’s common stock that were outstanding in the three and nine months ended September 30, 2014, at a weighted average exercise price of $18.04, were excluded from the respective computations of diluted EPS because their inclusion would have had an antidilutive effect. Options to purchase 62,040 shares of the Company’s common stock that were outstanding in the three and nine months ended September 30, 2013, at a weighted average exercise price of $17.95, were excluded from the respective computations of diluted EPS because their inclusion also would have had an antidilutive effect.