Earnings Per Share

6 Months Ended

Jun. 30, 2011

Earnings Per Share [Abstract]

Earnings Per Share

Note 8. Earnings Per Share

     We include all common shares granted under our incentive compensation plan which remain unvested (“restricted common shares”) and contain non-forfeitable rights to dividends or dividend equivalents, whether paid or unpaid (“participating securities”), in the number of shares outstanding in our basic and diluted earnings per share calculations using the two-class method. All of our restricted common shares are currently participating securities.

     Under the two-class method, earnings per common share are computed by dividing the sum of distributed earnings allocated to common shareholders and undistributed earnings allocated to common shareholders by the weighted average number of common shares outstanding for the period. In applying the two-class method, distributed and undistributed earnings are allocated to both common shares and restricted common shares based on the total weighted average shares outstanding during the period as follows:

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2010			2011			2010			2011
Weighted-average shares:
Common shares outstanding		78,465,361			75,701,045			78,436,452			77,234,869
Restricted common shares		1,153,468			1,017,879			1,182,165			956,232
Total weighted-average shares		79,618,829			76,718,924			79,618,617			78,191,101
Percentage of weighted-average shares:
Common shares outstanding		98.55	%		98.67	%		98.52	%		98.78	%
Restricted common shares		1.45	%		1.33	%		1.48	%		1.22	%
Total		100.0	%		100.0	%		100.0	%		100.0	%
The calculations of both basic and diluted earnings per share are as follows:
	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2010			2011			2010			2011
Earnings per share — Basic:
Net income	$	18,139		$	23,309		$	37,018		$	65,986
Less: Distributed and undistributed earnings allocated to restricted common shares (a)		(263	)		(309	)		(550	)		(807	)
Earnings available to common shareholders — Basic	$	17,876		$	23,000		$	36,468		$	65,179
Weighted-average common shares outstanding — Basic	78,465,361			75,701,045			78,436,452			77,234,869
Earnings per common share — Basic	$	0.23		$	0.30		$	0.46		$	0.84

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2010			2011			2010			2011
Earnings per share — Diluted:
Net income	$	18,139		$	23,309		$	37,018		$	65,986
Less: Distributed and undistributed earnings allocated to restricted common shares (a)		(263	)		(309	)		(550	)		(807	)
Earnings available to common shareholders — Diluted	$	17,876		$	23,000		$	36,468		$	65,179
Weighted-average common shares outstanding — Basic		78,465,361			75,701,045			78,436,452			77,234,869
Effect of dilutive shares		—	(b)		—	(b)		—	(b)		—	(b)
Weighted-average common shares outstanding — Diluted	78,465,361			75,701,045			78,436,452			77,234,869
Earnings per common share — Diluted	$	0.23		$	0.30		$	0.46		$	0.84
(a)   For the three months ended June 30, 2010 and 2011, distributed and undistributed earnings allocated to restricted shares is 1.45% and 1.33%, respectively, of net income. For the six months ended June 30, 2010 and 2011, distributed and undistributed earnings to restricted shares is 1.48% and 1.22%, respectively, of net income. The amount of restricted share forfeitures for all periods present is immaterial to the allocation of distributed and undistributed earnings.
(b)   For the three and six months ended June 30, 2010 and 2011, we have no dilutive shares.