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Net Income Per Share
 12 Months Ended
Dec. 31, 2012
Net Income Per Share

Note L—Net Income Per Share

The calculation of net income per share for the three years ended December 31, 2012 is reflected in the following table (in thousands, except per share amounts):

 

     Years Ended December 31,  
     2012      2011      2010  

Basic net income per share:

         

Net income

    $ 209,942       $ 149,922       $ 66,069   

Income allocated to participating securities

      1,081         2,159         2,340   
  

 

 

     

 

 

     

 

 

  

Net income available to common stockholders

    $ 208,861       $ 147,763       $ 63,729   
  

 

 

     

 

 

     

 

 

  

Basic weighted average shares

      138,201         140,479         142,833   

Basic net income per share

    $ 1.51       $ 1.05       $ .45   

Diluted net income per share:

         

Net income

    $ 209,942       $ 149,922       $ 66,069   

Income allocated to participating securities

      1,075         2,150         2,340   
  

 

 

     

 

 

     

 

 

  

Net income available to common stockholders

    $ 208,867       $ 147,772       $ 63,729   
  

 

 

     

 

 

     

 

 

  

Basic weighted average shares

      138,201         140,479         142,833   

Dilutive effect of potential common shares

      1,208         1,311         1,195   
  

 

 

     

 

 

     

 

 

  

Diluted weighted average shares

      139,409         141,790         144,028   
  

 

 

     

 

 

     

 

 

  

Diluted net income per share

    $ 1.50       $ 1.04       $ .44   

 

Potential common shares include the dilutive effect of stock options, unvested performance-based restricted stock, restricted stock which contain forfeitable rights to dividends, and stock units. The weighted average diluted common shares outstanding for the years ended December 31, 2012, 2011 and 2010, respectively, excludes the effect of 0.2 million, 0.5 million, and 0.8 million anti-dilutive potential common shares. Employee stock options will have a dilutive effect under the treasury method only when the respective period’s average market value of the Company’s common stock exceeds the exercise proceeds. Under the treasury method, exercise proceeds include the amount the employee must pay for exercising stock options, the amount of compensation cost for future service that the Company has not yet recognized, and the amount of tax benefits that would be recorded in capital surplus, if the options were exercised and the stock units and performance-based restricted stock had vested.