Earnings Per Share

6 Months Ended

Jun. 30, 2013

Earnings Per Share [Abstract]

Earnings Per Share

7. 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 stock options, SOSARs and non-vested stock awards (collectively “stock awards”).  For the three and six months ended June 30, 2013,  883 and 781 stock awards were excluded from the calculation of diluted EPS, and for the three and six months ended June 30, 2012, 365 and 311stock awards, were excluded from the calculation of diluted EPS because they were anti-dilutive. In addition, 437 and 473 stock awards for the three and six months ended June 30, 2013 and 492 and 454 stock awards for the three and six months ended June 30, 2012  were excluded from the calculation of diluted EPS because they were subject to performance conditions.

The following table sets forth the computations of basic and diluted earnings per share:

	Three months ended June 30				Six months ended June 30
	2013		2012		2013		2012
Net income	$	87,853	$	81,683	$	164,437	$	144,347
Shares:
Weighted average number of common shares outstanding		30,901		31,696		30,956		31,553
Dilutive stock awards		275		255		246		346
Diluted weighted average number of common		31,176		31,951		31,202		31,899
shares outstanding
Basic earnings per share	$	2.84	$	2.58	$	5.31	$	4.57
Diluted earnings per share	$	2.82	$	2.56	$	5.27	$	4.53