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Earnings Per Share
 9 Months Ended
Sep. 30, 2012
Earnings Per Share
Earnings Per Share
The Company’s basic earnings per share calculations are based on the weighted average number of common shares outstanding during the year. Shares of restricted stock are included in the computation of both basic and diluted earnings per share. Potentially dilutive securities include outstanding stock options, Restricted Share Units, Deferred Stock Units and Performance-based Restricted Share Units. The dilutive effect of potentially dilutive securities is reflected in diluted earnings per common share by application of the treasury method. Diluted earnings per share gives effect to all potentially dilutive common shares outstanding during the year.
 
 
Three Months Ended
 
Nine Months Ended
 
September 30,
 
September 30,
(in thousands, except per share data)
2012
 
2011
 
2012
 
2011
Income from continuing operations
$
56,406

 
$
51,219

 
$
150,217

 
$
148,498

Less: Non-controlling interest in subsidiaries’ earnings
182

 
(134
)
 
501

 
(123
)
Income from continuing operations attributable to common shareholders
56,224

 
51,353

 
149,716

 
148,621

Discontinued operations, net of tax
901

 
1,187

 
21,633

 
2,823

Net income attributable to common shareholders
$
57,125

 
$
52,540

 
$
171,349

 
$
151,444

Average basic shares outstanding
57,123

 
58,048

 
57,565

 
58,202

Effect of dilutive stock options
750

 
1,010

 
870

 
1,128

Average diluted shares outstanding
57,873

 
59,058

 
58,435

 
59,330

Earnings per share - basic: (a)
 
 
 
 
 
 
 
Income from continuing operations attributable to common shareholders
$
0.99

 
$
0.88

 
$
2.61

 
$
2.55

Discontinued operations, net of tax
$
0.02

 
$
0.02

 
$
0.38

 
$
0.05

Net income attributable to common shareholders
$
1.00

 
$
0.91

 
$
2.98

 
$
2.60

Earnings per share - diluted: (a)
 
 
 
 
 
 
 
Income from continuing operations attributable to common shareholders
$
0.97

 
$
0.87

 
$
2.56

 
$
2.50

Discontinued operations, net of tax
$
0.02

 
$
0.02

 
$
0.37

 
$
0.05

Net income attributable to common shareholders
$
0.99

 
$
0.89

 
$
2.93

 
$
2.55

 
(a)
EPS amounts may not add due to rounding
The computation of diluted earnings per share excludes the effect of the potential exercise of stock options when the average market price of the common stock is lower than the exercise price of the related stock options during the period (1.9 million and 1.0 million average options for the third quarter of 2012 and 2011, respectively, and 1.8 million and 0.8 million average options for the first nine months of 2012 and 2011, respectively).