Net Income per Common Share

6 Months Ended

Jun. 30, 2014

Earnings Per Share [Abstract]

New Income per Common Share

NET INCOME PER COMMON SHARE

The computation of basic net income allocated to common stockholders is calculated by reducing net income for the period by dividends paid or declared and undistributed net income for the period to arrive at net income allocated to common stockholders. Net income allocated to common stockholders is divided by the weighted average number of common shares outstanding during the period to determine net income per share allocated to common stockholders.

The computation of diluted earnings per share is calculated by dividing net income allocated to common stockholders by the sum of the weighted average number of common shares outstanding plus all additional common shares that would have been outstanding if the potentially dilutive common shares had been issued. The dilutive effect is calculated using the more dilutive of the treasury stock or the two-class method.

The following table reconciles net income allocated to common stockholders and the number of shares used to calculate the basic and diluted net income per common share for the three months ended June 30, 2014 and 2013:

	Three Months Ended June 30,						Six Months Ended June 30,
(in thousands, except per share amounts)	2014			2013			2014			2013
Basic EPS Numerator:
Net Income	$	42,981		$	46,161		$	92,005		$	88,533
Less: Earnings allocated to participating securities	(383		)	(684		)	(879		)	(1,268		)
Net Income allocated to common stockholders	$	42,598		$	45,477		$	91,126		$	87,265
Basic EPS Denominator:
Weighted average shares outstanding	85,831			87,341			86,140			87,307
Basic net income per common share	$	0.50		$	0.52		$	1.06		$	1.00
Diluted EPS Numerator:
Net Income	$	42,981		$	46,161		$	92,005		$	88,533
Less: Earnings allocated to participating securities	(383		)	(684		)	(879		)	(1,268		)
Net Income allocated to common stockholders	$	42,598		$	45,477		$	91,126		$	87,265
Diluted EPS Denominator:
Weighted average shares outstanding	85,831			87,341			86,140			87,307
Dilutive common shares issued under restricted stock program	—			—			—			—
Diluted net income per common share	$	0.50		$	0.52		$	1.06		$	1.00

For the six months endedJune 30, 2014, 421,928 shares of restricted stock were not included in the computation of diluted net income per common share because to do so would have an anti-dilutive effect.