Earnings Per Share

6 Months Ended

Jun. 30, 2015

9.	Earnings Per Share

Basic earnings per share is computed on the basis of weighted average outstanding common shares. Diluted earnings per share is computed on the basis of basic weighted average outstanding common shares adjusted for the dilutive effect of stock options and other outstanding dilutive securities.

The following table reconciles the average share amounts used to compute both basic and diluted earnings per share (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2015		2014		2015		2014
Weighted average shares outstanding:
Basic weighted average shares outstanding		117,109		113,907		116,584		114,663
Add: Dilutive effect of stock options		1,466		2,070		1,504		2,149

Diluted weighted average shares outstanding		118,575		115,977		118,088		116,812

The diluted earnings per share computation excludes 4.4 million and 4.2 million options to purchase shares and contingently issuable shares during the three and six months ended June 30, 2015, respectively, as their effect would be anti-dilutive. The diluted earnings per share computation excludes 3.2 million options to purchase shares, restricted share awards, and contingently issuable shares during the three and six months ended June 30, 2014, as their effect would be anti-dilutive.

Common stock outstanding as of June 30, 2015 and December 31, 2014 was 117,799,150 and 115,637,804, respectively.