Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2015 | Oct. 16, 2015 | |
Document and Entity Information | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q3 | |
Entity Registrant Name | CHIPOTLE MEXICAN GRILL INC | |
Entity Central Index Key | 1,058,090 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 31,187,503 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheet - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Current assets: | ||
Cash and cash equivalents | $ 604,162 | $ 419,465 |
Accounts receivable, net of allowance for doubtful accounts of $1,172 and $1,199 as of September 30, 2015 and December 31, 2014, respectively | 24,157 | 34,839 |
Inventory | 17,524 | 15,332 |
Current deferred tax asset | 20,563 | 18,968 |
Prepaid expenses and other current assets | 37,760 | 34,795 |
Income tax receivable | 13,486 | 16,488 |
Investments | 355,581 | 338,592 |
Total current assets | 1,073,233 | 878,479 |
Leasehold improvements, property and equipment, net | 1,180,957 | 1,106,984 |
Long term investments | 625,098 | 496,106 |
Other assets | 46,695 | 42,777 |
Goodwill | 21,939 | 21,939 |
Total assets | 2,947,922 | 2,546,285 |
Current liabilities: | ||
Accounts payable | 77,250 | 69,613 |
Accrued payroll and benefits | 80,334 | 73,894 |
Accrued liabilities | 86,660 | 102,203 |
Total current liabilities | 244,244 | 245,710 |
Deferred rent | 240,669 | 219,414 |
Deferred income tax liability | 29,602 | 40,529 |
Other liabilities | 31,919 | 28,263 |
Total liabilities | $ 546,434 | $ 533,916 |
Shareholders' equity: | ||
Preferred stock, $0.01 par value, 600,000 shares authorized, no shares issued as of September 30, 2015 and December 31, 2014, respectively | ||
Common stock $0.01 par value, 230,000 shares authorized, and 35,789 and 35,394 shares issued as of September 30, 2015 and December 31, 2014, respectively | $ 358 | $ 354 |
Additional paid-in capital | 1,172,140 | 1,038,932 |
Treasury stock, at cost, 4,596 and 4,367 common shares at September 30, 2015 and December 31, 2014, respectively | (895,881) | (748,759) |
Accumulated other comprehensive income (loss) | (5,128) | (429) |
Retained earnings | 2,129,999 | 1,722,271 |
Total shareholders' equity | 2,401,488 | 2,012,369 |
Total liabilities and shareholders' equity | $ 2,947,922 | $ 2,546,285 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheet (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Condensed Consolidated Balance Sheet [Abstract] | ||
Allowance for doubtful accounts, Accounts receivable | $ 1,172 | $ 1,199 |
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 600,000,000 | 600,000,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 230,000,000 | 230,000,000 |
Common stock, shares issued | 35,789,000 | 35,394,000 |
Treasury stock, shares at cost | 4,596,000 | 4,367,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statement of Income and Comprehensive Income - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Condensed Consolidated Statement of Income and Comprehensive Income [Abstract] | ||||
Revenue | $ 1,216,890 | $ 1,084,222 | $ 3,503,716 | $ 3,038,458 |
Restaurant operating costs (exclusive of depreciation and amortization shown separately below): | ||||
Food, beverage and packaging | 401,051 | 372,063 | 1,166,770 | 1,047,003 |
Labor | 270,076 | 230,360 | 785,141 | 667,097 |
Occupancy | 66,391 | 58,838 | 194,269 | 169,938 |
Other operating costs | 134,879 | 110,957 | 378,779 | 321,512 |
General and administrative expenses | 70,066 | 71,172 | 203,339 | 212,968 |
Depreciation and amortization | 33,145 | 27,961 | 96,228 | 80,724 |
Pre-opening costs | 4,367 | 3,829 | 11,470 | 11,521 |
Loss on disposal of assets | 2,156 | 1,606 | 7,744 | 4,767 |
Total operating expenses | 982,131 | 876,786 | 2,843,740 | 2,515,530 |
Income from operations | 234,759 | 207,436 | 659,976 | 522,928 |
Interest and other income (expense), net | 1,518 | 785 | 4,483 | 2,618 |
Income before income taxes | 236,277 | 208,221 | 664,459 | 525,546 |
Provision for income taxes | (91,394) | (77,420) | (256,731) | (201,406) |
Net income | $ 144,883 | $ 130,801 | $ 407,728 | $ 324,140 |
Earnings per share: | ||||
Basic | $ 4.65 | $ 4.22 | $ 13.10 | $ 10.44 |
Diluted | $ 4.59 | $ 4.15 | $ 12.92 | $ 10.29 |
Weighted average common shares outstanding: | ||||
Basic | 31,187 | 31,020 | 31,115 | 31,043 |
Diluted | 31,548 | 31,547 | 31,556 | 31,502 |
Comprehensive income | $ 143,165 | $ 129,412 | $ 403,029 | $ 323,099 |
Condensed Consolidated Stateme5
Condensed Consolidated Statement of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Operating activities | ||
Net income | $ 407,728 | $ 324,140 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 96,228 | 80,724 |
Deferred income tax (benefit) provision | (12,542) | (19,045) |
Loss on disposal of assets | 7,744 | 4,767 |
Bad debt allowance | (27) | (10) |
Stock-based compensation expense | 59,725 | 82,156 |
Excess tax benefit on stock-based compensation | (74,861) | (12,971) |
Other | 273 | 9 |
Changes in operating assets and liabilities: | ||
Accounts receivable | 10,637 | 5,250 |
Inventory | (2,212) | (2,851) |
Prepaid expenses and other current assets | (3,028) | 547 |
Other assets | (3,967) | (3,723) |
Accounts payable | 7,101 | 14,706 |
Accrued liabilities | (7,434) | 11,462 |
Income tax payable/receivable | 77,858 | 41,274 |
Deferred rent | 21,532 | 19,380 |
Other long-term liabilities | 3,808 | 3,941 |
Net cash provided by operating activities | 588,563 | 549,756 |
Investing activities | ||
Purchases of leasehold improvements, property and equipment | (181,840) | (160,400) |
Purchases of investments | (433,829) | (390,632) |
Maturities of investments | 287,450 | 171,250 |
Net cash used in investing activities | (328,219) | (379,782) |
Financing activities | ||
Acquisition of treasury stock | (147,122) | (63,405) |
Excess tax benefit on stock-based compensation | 74,862 | 12,971 |
Stock plan transactions and other financing activities | (225) | (69) |
Net cash used in financing activities | (72,485) | (50,503) |
Effect of exchange rate changes on cash and cash equivalents | (3,162) | (56) |
Net change in cash and cash equivalents | 184,697 | 119,415 |
Cash and cash equivalents at beginning of period | 419,465 | 323,203 |
Cash and cash equivalents at end of period | 604,162 | 442,618 |
Supplemental disclosures of cash flow information | ||
Increase (decrease) in purchases of leasehold improvements, property and equipment accrued in accounts payable and accrued liabilities | $ (1,032) | $ 13,804 |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2015 | |
Basis of Presentation [Abstract] | |
Basis of Presentation | 1. Basis of Presentation Chipotle Mexican Grill, Inc., a Delaware corporation, together with its subsidiaries (collectively the “Company”), develops and operates fast-casual, fresh Mexican food restaurants (“Chipotle restaurants”). As of September 30, 2015 , the Company operated 1,895 Chipotle restaurants throughout the United States. The Company also had 11 Chipotle restaurants in Canada, seven in England, three in France, and one in Germany. Further, the Company operated 11 ShopHouse Southeast Asian Kitchen restaurants, serving fast-casual, Asian inspired cuisine, as well as is an investor in a consolidated entity that owned and operated three Pizzeria Locale restaurants, a fast-casual pizza concept. The Company transitioned the management of its operations from eight to nine regions during the third quarter 2015 and has aggregated its operations to one reportable segment. The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with U.S. generally accepted accounting principles for interim financial statements and pursuant to the rules and regulations of the Securities and Exchange Commission. In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all adjustments consisting of normal recurring adjustments necessary for a fair presentation of its financial position and results of operations. Interim results of operations are not necessarily indicative of the results that may be achieved for the full year. The financial statements and related notes do not include all information and footnotes required by U.S. generally accepted accounting principles for annual reports. This quarterly report should be read in conjunction with the consolidated financial statements included in the Company’s annual report on Form 10-K for the year ended December 31, 2014. |
Recently Issued Accounting Stan
Recently Issued Accounting Standards | 9 Months Ended |
Sep. 30, 2015 | |
Recently Issued Accounting Standards [Abstract] | |
Recently Issued Accounting Standards | 2. Recently Issued Accounting Standards In May 2014, the Financial Accounting Standards Board (“ FASB ”) issued Accounting Standard Update (“ ASU ”) No. 2014-09, “Revenue from Contracts with Customers (Topic 606).” The pronouncement was issued to clarify the principles for recognizing revenue. The pronouncement is effective for reporting periods b eginning after December 15, 2017 . The expected adoption method of ASU 2014-09 is being evaluated by the Company and the adoption is not expected to have a significant impact on the Company’s consolidated financial position or results of operations. In June 2014, the FASB issued ASU No. 2014-12, “Compensation – Stock Compensation (Topic 718).” The pronouncement was issued to clarify the accounting for share-based payments when the terms of an award provide that a performance target could be achieved after the requisite service period. The pronouncement is effective for reporting periods beginning after December 15, 2015. The adoption of ASU 2014-12 is not expected to have a significant impact on the Company’s consolidated financial position or results of operations . In April 2015, the FASB issued ASU No. 2015-05 , “ Intangibles – Goodwill and Other – Internal-Use Software ( Subtopic 350-40 ).” The pronouncement was issued to provide guidance concerning accounting for fees in a cloud computing arrangemen t . The pronouncement is effective for reporting periods beginning after December 15 , 2015. The adoption of ASU 2015-05 is not expected to have a significant impact on the Company’s consolidated financial position or results of operations . In July 2015, the FASB issued ASU No. 2015 -1 1 , “ Inventory (Topic 330 ).” The pro nouncement was issued to simplify the measurement of inventory and changes the measurement from lower of cost or market to lower of cost and net realizable value. This pronouncement is effective for reporting periods b eginning after December 15, 2016. The adoption of ASU 2015-11 is not expected to have a significant impact on the Company’s consolidated financial position or results of operations . |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 9 Months Ended |
Sep. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | 3. Fair Value of Financial Instruments The carrying value of the Company’s cash and cash equivalents, accounts receivable and accounts payable approximate fair value because of their short-term nature. Investments, all of which are classified as held-to-maturity, are carried at amortized cost, which approximates fair value. Investments consist primarily of U.S. treasury notes , as well as CDARS, certificates of deposit placed through an account registry service, with maturities up to approximately two years . Fair market value of U.S. treasury notes is measured using level 1 inputs (quoted prices for identical assets in active markets) and fair market value of CDARS is measured based on level 2 inputs (quoted prices for identical assets in markets that are not active). The Company also maintains a rabbi trust to fund obligations under a deferred compensation plan. Amounts in the rabbi trust are invested in mutual funds, which are designated as trading securities and carried at fair value, and are included in other assets in the consolidated balance sheet. Fair market value of mutual funds is measured using level 1 inputs (quoted prices for identical assets in active markets). The fair value of the investments in the rabbi trust was $ 17,671 and $ 16,147 as of September 30, 2015 and December 31, 2014 , respectively. The Company records trading gains and losses in general and administrative expenses in the consolidated statement of income, along with the offsetting amount related to the increase or decrease in deferred compensation to reflect its exposure to liabilities for payment under the deferred plan. The following table sets forth unrealized gains and losses on investments held in the rabbi trust: Three months ended September 30, Nine months ended September 30, 2015 2014 2015 2014 Unrealized gains (losses) on investments held in rabbi trust $ $ $ $ |
Shareholders' Equity
Shareholders' Equity | 9 Months Ended |
Sep. 30, 2015 | |
Shareholders’ Equity [Abstract] | |
Shareholder's Equity | 4. Shareholders’ Equity During the nine months ended September 30, 2015 , the Company repurchased 230 shares of common stock under authorized programs, for a total cost of $ 1 47,110 . The cumulative shares repurchased under authorized programs as of September 30, 2015 were 4, 443 for a total cost of $ 8 45,196 . As of September 30, 2015 , $ 155,107 was available to repurchase shares under the current repurchase authorizations. Under the remaining repurchase authorization, shares may be purchased from time to time in open market transactions, subject to market conditions. The shares are being held in treasury stock until such time as they are reissued or retired at the discretion of the Board of Directors. |
Stock-Based Compensation
Stock-Based Compensation | 9 Months Ended |
Sep. 30, 2015 | |
Stock-Based Compensation [Abstract] | |
Stock-Based Compensation | 5. Stock-based Compensation During the nine months ended September 30, 2015, the Company granted stock only stock ap preciation rights (“SOSARs”) on 367 shares of its common stock to eligible employees. The weighted average grant date fair value of the SOSARs was $ 156.9 7 per share with a weighted average exercise price of $ 662.2 7 per share based on the closing price of common stock on the date of grant. The SOSARs vest in two equal installments on the second and third anniversary of the grant date. During the nine months ended September 30, 2015 , 713 SOSARs were exercised, and 37 SOSARs were forfeited. During the first quarter of 2015, the Company awarded performance shares that were subject to service, performance, and market vesting conditions. The quantity of shares that will ultimately vest is determined based on Chipotle’s relative performance versus a restaurant industry peer group in the annual average of: revenue growth, net income growt h, and total shareholder return. Each performance measure will be weighted equally, and p erformance will be calculated over a three year period beginning January 1, 2015 through December 31, 2017. If minimum targets are not met, then no shares will vest. Total stock-based compensation expense was $2 0,668 and $58,562 ($ 1 2,758 and $36,150 net of tax) for the three and nine months ended September 30, 2015 , respectively, and was $ 21,024 and $83,021 ($ 12,944 and $51,116 net of tax) for the three and nine months ended September 30, 2014 . A portion of stock-based compensation totaling $32 9 and $1,163 for the three and nine months ended September 30, 2015 , and $2 69 and $865 for the three and nine months ended September 30, 2014, respectively, was recognized as capitalized development and is included in leasehold improvements, property and equipment in the consolidated balance sheet. |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Sep. 30, 2015 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 6. Earnings Per Share Basic earnings per share is calculated by dividing income available to common shareholders by the weighted-average number of shares of common stock outstanding during each period. Diluted earnings per share (“diluted EPS”) is calculated using income available to common shareholders divided by diluted weighted-average shares of common stock outstanding during each period. Potentially dilutive securities include common shares related to SOSARs and non-vested stock awards (collectively “stock awards”). Stock awards are excluded from the calculation of diluted EPS in the event they are subject to performance conditions or antidilutive . The following stock awards were excluded from the calculation of diluted EPS: Three months ended September 30, Nine months ended September 30, 2015 2014 2015 2014 Stock awards subject to performance conditions Stock awards that were antidilutive Total stock awards excluded from diluted earnings per share The following table sets forth the computations of basic and diluted earnings per share: Three months ended September 30, Nine months ended September 30, 2015 2014 2015 2014 Net income $ $ $ $ Shares: Weighted average number of common shares outstanding Dilutive stock awards Diluted weighted average number of common shares outstanding Basic earnings per share $ $ $ $ Diluted earnings per share $ $ $ $ |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2015 | |
Commitments and Contingencies [Abstract] | |
Commitments and Contingencies | 7. Commitments and Contingencies Notices of Inspection of Work Authorization Documents and Related Civil and Criminal Investigations Following an inspection during 2010 by the U.S. Department of Homeland Security, or DHS, of the work authorization documents of the Company’s restaurant employees in Minnesota, the Immigration and Customs Enforcement arm of DHS, or ICE, issued to the Company a Notice of Suspect Documents identifying a large number of employees who, according to ICE and notwithstanding the Company’s review of work authorization documents for each employee at the time they were hired, appeared not to be authorized to work in the U.S. The Company approached each of the named employees to explain ICE’s determination and afforded each employee an opportunity to confirm the validity of their original work eligibility documents, or provide valid work eligibility documents. Employees who were unable to provide valid work eligibility documents were terminated in accordance with the law. In December 2010, the Company was also requested by DHS to provide the work authorization documents of restaurant employees in the District of Columbia and Virginia, and the Company provided the requested documents in January 2011. The Company subsequently received requests from the office of the U.S. Attorney for the District of Columbia for work authorization documents covering all of the Company’s employees since 2007, plus employee lists and other documents concerning work authorization. The Company believes its practices with regard to the work authorization of its employees, including the review and retention of work authorization documents, are in compliance with applicable law. However, the termination of large numbers of employees in a short period of time does disrupt restaurant operations and results in a temporary increase in labor costs as new employees are trained. In May 2012, the U.S. Securities and Exchange Commission notified the Company that it is conducting a civil investigation of the Company’s compliance with employee work authorization verification requirements and its related disclosures and statements, and the office of the U.S. Attorney for the District of Columbia advised the Company that its investigation has broadened to include a parallel criminal and civil investigation of the Company’s compliance with federal securities laws. The Company intends to continue to fully cooperate in the government’s investigations. It is not possible at this time to determine whether the Company will incur, or to reasonably estimate the amount of, any fines, penalties or further liabilities in connection with these matters. Miscellaneous The Company is involved in various other claims and legal actions that arise in the ordinary course of business. The Company does not believe that the ultimate resolution of these actions will have a material adverse effect on the Company’s financial position, results of operations, liquidity or capital resources. However, a significant increase in the number of these claims, or one or more successful claims under which the Company incurs greater liabilities than the Company currently anticipates, could materially and adversely affect the Company’s business, financial condition, results of operations and cash flows. |
Fair Value of Financial Instr13
Fair Value of Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Unrealized Gains (Losses) on Investments held in Rabbi Trust | Three months ended September 30, Nine months ended September 30, 2015 2014 2015 2014 Unrealized gains (losses) on investments held in rabbi trust $ $ $ $ |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Earnings Per Share [Abstract] | |
Stock awards excluded from the calculation of diluted EPS | Three months ended September 30, Nine months ended September 30, 2015 2014 2015 2014 Stock awards subject to performance conditions Stock awards that were antidilutive Total stock awards excluded from diluted earnings per share |
Earnings Per Share | Three months ended September 30, Nine months ended September 30, 2015 2014 2015 2014 Net income $ $ $ $ Shares: Weighted average number of common shares outstanding Dilutive stock awards Diluted weighted average number of common shares outstanding Basic earnings per share $ $ $ $ Diluted earnings per share $ $ $ $ |
Basis of Presentation (Narrativ
Basis of Presentation (Narrative) (Details) | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2015itemregion | Jun. 30, 2015region | Sep. 30, 2015itemsegment | |
Product Information [Line Items] | |||
Number of regions | region | 9 | 8 | |
Number of reportable segments | segment | 1 | ||
ShopHouse Southeast Asian Kitchen [Member] | |||
Product Information [Line Items] | |||
Number of restaurants | 11 | 11 | |
Pizzeria Locale [Member] | |||
Product Information [Line Items] | |||
Number of restaurants | 3 | 3 | |
United States [Member] | |||
Product Information [Line Items] | |||
Number of restaurants | 1,895 | 1,895 | |
Canada [Member] | |||
Product Information [Line Items] | |||
Number of restaurants | 11 | 11 | |
England [Member] | |||
Product Information [Line Items] | |||
Number of restaurants | 7 | 7 | |
France [Member] | |||
Product Information [Line Items] | |||
Number of restaurants | 3 | 3 | |
Germany [Member] | |||
Product Information [Line Items] | |||
Number of restaurants | 1 | 1 |
Fair Value of Financial Instr16
Fair Value of Financial Instruments (Narrative) (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2015 | Dec. 31, 2014 | |
Fair Value Disclosures [Abstract] | ||
Investment maturity term | 2 years | |
Fair value of investments in rabbi trust | $ 17,671 | $ 16,147 |
Fair Value of Financial Instr17
Fair Value of Financial Instruments (Unrealized gain loss on investments) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Fair Value Disclosures [Abstract] | ||||
Unrealized Gain (Loss) on investments held in rabbi trust | $ (1,000) | $ (360) | $ (744) | $ 76 |
Shareholders' Equity (Narrative
Shareholders' Equity (Narrative) (Details) shares in Thousands, $ in Thousands | 9 Months Ended | 84 Months Ended |
Sep. 30, 2015USD ($)shares | Sep. 30, 2015USD ($)shares | |
Shareholders’ Equity [Abstract] | ||
Acquisition of treasury stock (shares) | shares | 230 | 4,443 |
Acquisition of treasury stock (value), total | $ 147,110 | $ 845,196 |
Value of common shares remaining to be repurchased | $ 155,107 | $ 155,107 |
Stock-Based Compensation (Narra
Stock-Based Compensation (Narrative) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock only stock appreciation rights (SOSARs) granted | 367 | |||
Weighted-average grant date fair value | $ 156.97 | |||
Granted, Weighted-Average Exercise Price | $ 662.27 | |||
SOSARs exercised | 713 | |||
SOSARs forfeited | 37 | |||
Stock-based compensation expense | $ 20,668 | $ 21,024 | $ 58,562 | $ 83,021 |
Stock-based compensation expense, net of tax | 12,758 | 12,944 | $ 36,150 | 51,116 |
Stock Options And SOSARs [Member] | First Half Vested [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period for SOSARs | 2 years | |||
Stock Options And SOSARs [Member] | Second Half Vested [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period for SOSARs | 3 years | |||
Leasehold Improvements [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation recognized as capitalized development | $ 329 | $ 269 | $ 1,163 | $ 865 |
Earnings per Share (Stock Award
Earnings per Share (Stock Awards Excluded From Calculation of Diluted EPS) (Details) - shares shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Earnings Per Share [Abstract] | ||||
Stock awards excluded, performance conditions | 216 | 382 | 282 | 386 |
Stock awards excluded, anti-dilutive | 320 | 32 | 267 | 298 |
Total stock awards excluded from diluted earnings per share | 536 | 414 | 549 | 684 |
Earnings Per Share (Basic and D
Earnings Per Share (Basic and Diluted Earnings) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Earnings Per Share [Abstract] | ||||
Net income | $ 144,883 | $ 130,801 | $ 407,728 | $ 324,140 |
Weighted average number of common shares outstanding | 31,187 | 31,020 | 31,115 | 31,043 |
Dilutive stock awards | 361 | 527 | 441 | 459 |
Diluted weighted average number of common shares outstanding | 31,548 | 31,547 | 31,556 | 31,502 |
Basic earnings per share | $ 4.65 | $ 4.22 | $ 13.10 | $ 10.44 |
Diluted earnings per share | $ 4.59 | $ 4.15 | $ 12.92 | $ 10.29 |