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Earnings Per Share
 6 Months Ended
Jun. 30, 2012
Earnings Per Share [Abstract]  
Earnings Per Share
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 June 30,
 
Six Months Ended June 30,
 
2011
 
2012
 
2011
 
2012
Weighted-average shares:
 
 
 
 
 
 
 
Common shares outstanding
75,701,045

 
71,723,014

 
77,234,869

 
71,709,976

Restricted common shares
1,017,879

 
589,163

 
956,232

 
609,601

Total weighted-average shares
76,718,924

 
72,312,177

 
78,191,101

 
72,319,577

 
 
 
 
 
 
 
 
Percentage of weighted-average shares:
 
 
 
 
 
 
 
Common shares outstanding
98.67
%
 
99.19
%
 
98.78
%
 
99.16
%
Restricted common shares
1.33
%
 
0.81
%
 
1.22
%
 
0.84
%
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 June 30,
 
Six Months Ended June 30,
 
 
2011
 
2012
 
2011
 
2012
 
Earnings per share – Basic:
 
 
 
 
 
 
 
 
Net income
$
23,309

 
$
16,324

 
$
65,986

 
$
48,926

  
Less: Distributed and undistributed earnings allocated to  restricted common shares (a)
(309
)
 
(133
)
 
(807
)
 
(412
)
 
Earnings available to common shareholders – Basic
$
23,000

 
$
16,191

 
$
65,179

 
$
48,514

 
 
 
 
 
 
 
 
 
 
Weighted-average common shares outstanding – Basic
75,701,045

 
71,723,014

 
77,234,869

 
71,709,976

 
 
 
 
 
 
 
 
 
 
Earnings per common share – Basic
$
0.30

 
$
0.23

 
$
0.84

 
$
0.68

 
 
 
 
 
 
 
 
 
 
Earnings per share – Diluted:
 
 
 
 
 
 
 
 
Net income
$
23,309

 
$
16,324

 
$
65,986

 
$
48,926

 
Less: Distributed and undistributed earnings allocated to  restricted common shares(a)
(309
)
 
(133
)
 
(807
)
 
(412
)
 
Earnings available to common shareholders – Diluted
$
23,000

 
$
16,191

 
$
65,179

 
$
48,514

  
 
 
 
 
 
 
 
 
 
Weighted-average common shares outstanding – Basic
75,701,045

 
71,723,014

 
77,234,869

  
71,709,976

  
Effect of dilutive shares
—

(b) 
—

(b) 
—

(b)  
—

(b)  
Weighted-average common shares outstanding – Diluted
75,701,045

 
71,723,014

 
77,234,869

  
71,709,976

  
 
 
 
 
 
 
 
 
 
Earnings per common share – Diluted
$
0.30

 
$
0.23

 
$
0.84

  
$
0.68

  
 
(a)
For the three months ended June 30, 2011 and 2012, distributed and undistributed earnings to restricted shares is 1.33% and 0.81%, respectively, of net income. For the six months ended June 30, 2011 and 2012, distributed and undistributed earnings to restricted share is 1.22% and 0.84%, respectively. 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, 2011 and 2012, we have no dilutive shares.