Earnings Per Share

9 Months Ended

Sep. 30, 2011

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				Nine Months Ended
	September 30,				September 30,
	2010		2011		2010		2011
Weighted-average shares:
Common shares outstanding		78,536,704		72,950,361		78,470,237		75,791,005
Restricted common shares		1,048,237		970,559		1,137,163		965,655

Total weighted-average shares		79,584,941		73,920,920		79,607,400		76,756,660


	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2010			2011			2010			2011
Percentage of weighted-average shares:
Common shares outstanding		98.68	%		98.69	%		98.57	%		98.74	%
Restricted common shares		1.32	%		1.31	%		1.43	%		1.26	%

Total		100.00	%		100.00	%		100.00	%		100.00	%

The calculations of both basic and diluted earnings per share are as follows:


	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2010			2011			2010			2011
Earnings per share — Basic:
Net income	$	8,569		$	22,665		$	45,587		$	88,651
Less: Distributed and undistributed earnings allocated to restricted common shares ^(a)		(113	)		(298	)		(651	)		(1,115	)

Earnings available to common shareholders — Basic	$	8,456		$	22,367		$	44,936		$	87,536


Weighted-average common shares outstanding — Basic		78,536,704			72,950,361			78,470,237			75,791,005


Earnings per common share — Basic	$	0.11		$	0.31		$	0.57		$	1.15


	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2010			2011			2010			2011
Earnings per share — Diluted:
Net income	$	8,569		$	22,665		$	45,587		$	88,651
Less: Distributed and undistributed earnings allocated to restricted common shares ^(a)		(113	)		(298	)		(651	)		(1,115	)

Earnings available to common shareholders — Diluted	$	8,456		$	22,367		$	44,936		$	87,536


Weighted-average common shares outstanding — Basic		78,536,704			72,950,361			78,470,237			75,791,005
Effect of dilutive shares		—	^(b)		—	^(b)		—	^(b)		—	^(b)

Weighted-average common shares outstanding — Diluted		78,536,704			72,950,361			78,470,237			75,791,005


Earnings per common share — Diluted	$	0.11		$	0.31		$	0.57		$	1.15


(a)		For the three months ended September 30, 2010 and 2011, distributed and undistributed earnings allocated to restricted shares is 1.32% and 1.31%, respectively, of net income. For the nine months ended September 30, 2010 and 2011, distributed and undistributed earnings to restricted shares is 1.43% and 1.26%, 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 nine months ended September 30, 2010 and 2011, we have no dilutive shares.