Earnings per Share

9 Months Ended

Sep. 30, 2011

Earnings per Share

Earnings per Share

Note 3. Earnings per Share

The following table presents a reconciliation of basic and diluted net income per common share for the three and nine months ended September 30, 2011 and 2010 (amounts in thousands, except per share information), as well as the distributions declared per common share during the three and nine months ended September 30, 2011 and 2010:

	Three months endedSeptember 30				Nine months endedSeptember 30
	2011		2010		2011		2010
Net income	$	39,820	$	82,342	$	241,091	$	292,865
Less: Dividends and undistributed earnings allocated to participating securities	99		687		921		2,482
Net income applicable to common shareholders	$	39,721	$	81,655	$	240,170	$	290,383
Basic:
Basic weighted average shares outstanding	177,723		157,057		177,493		157,018
Net income per share	$	0.22	$	0.52	$	1.35	$	1.85
Diluted:
Basic weighted average shares outstanding	177,723		157,057		177,493		157,018
Dilutive effect of convertible senior notes	2,497		404		3,811		276
Diluted weighted average shares outstanding(1)	180,220		157,461		181,304		157,294
Net income per share	$	0.22	$	0.52	$	1.32	$	1.85
Distributions declared per common share	$	0.18	$	0.12	$	0.49	$	0.29

(1) Potential anti-dilutive common shares excluded from diluted earnings per share related to common share options were 1,932,279 for both the three and nine months ended September 30, 2011 and 2010.