Income From Continuing Operations Per Common Share

6 Months Ended

Jun. 30, 2011

Income from Continuing Operations Per Common Share [Abstract]

INCOME FROM CONTINUING OPERATIONS PER COMMON SHARE

(7) INCOME FROM CONTINUING OPERATIONS PER COMMON SHARE

     Basic income or loss from continuing operations per share is computed as (i) income or loss from continuing operations (ii) less income allocable to participating securities (iii) divided by weighted average basic shares outstanding. Diluted income or loss from continuing operations per share is computed as (i) basic income or loss from continuing operations attributable to common shareholders (ii) plus diluted adjustments to income allocable to participating securities (iii) divided by weighted average diluted shares outstanding. The following table sets forth a reconciliation of income from continuing operations to basic income from continuing operations attributable to common shareholders and to diluted income from continuing operations attributable to common shareholders and a reconciliation of basic weighted average common shares outstanding to diluted weighted average common shares outstanding (in thousands except per share amounts):

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2011			2010			2011			2010
Numerator:
Income from continuing operations	$	45,776		$	17,646		$	12,345		$	95,352
Less: Basic income allocable to participating securities (a)		(808	)		(159	)		(220	)		(1,491	)
Basic income from continuing operations attributable to common shareholders		44,968			17,487			12,125			93,861
Diluted adjustments to income allocable to participating securities (a)		4			—			1			16
Diluted income from continuing operations attributable to common shareholders	$	44,972		$	17,487		$	12,126		$	93,877
Denominator:
Weighted average common shares outstanding — basic		157,997			156,820			157,772			156,608
Effect of dilutive securities:
Employee stock options and SARs		836			1,652			957			1,993
Weighted average common shares — diluted		158,833			158,472			158,729			158,601
Income from continuing operations per common share:
Basic — net income	$	0.28		$	0.11		$	0.08		$	0.59
Diluted — net income	$	0.28		$	0.11		$	0.08		$	0.59

^(a) Restricted stock awards represent participating securities because they participate in nonforfeitable dividends or distributions with common equity owners. Income allocable to participating securities represents the distributed and undistributed earnings attributable to the participating securities. Restricted stock awards do not participate in undistributed net losses.

     The weighted average common shares — basic for the three months ended June 30, 2011 and 2010 exclude 2.8 million shares of restricted stock which is held in our deferred compensation plans (although all restricted stock is issued and outstanding upon grant). Weighted average common shares-basic for the six months ended June 30, 2011 excludes 2.9 million shares of restricted stock compared to 2.7 million for the six months ended June 30, 2010. SARs of 860,000 for the three months ended June 30, 2011 and 1.0 million for the six months ended June 30, 2011 were outstanding but not included in the computations of diluted income from continuing operations per share because the grant prices of the SARs were greater than the average market price of the common shares. SARs of 1.1 million for the three months ended June 30, 2010 and 1.1 million for the six months ended June 30, 2010 were outstanding but not included in the computations of diluted income from continuing operations per share because the grant prices of the SARs were greater than the average market price of the common shares.