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Income Per Common Share
 6 Months Ended
Jun. 30, 2013
Income Per Common Share

(6) INCOME PER COMMON SHARE

Basic income or loss per share attributable to common shareholders is computed as (1) income or loss attributable to common shareholders (2) less income allocable to participating securities (3) divided by weighted average basic shares outstanding. Diluted income or loss per share attributable to common stockholders is computed as (1) basic income or loss attributable to common shareholders (2) plus diluted adjustments to income allocable to participating securities (3) divided by weighted average diluted shares outstanding. The following tables set forth a reconciliation of income or loss attributable to common shareholders to basic income or loss attributable to common shareholders to diluted income or loss attributable to common shareholders (in thousands except per share amounts):

 

 

Three Months Ended
June 30,

 

 

Six Months Ended
June 30,

 

 

2013

 

 

2012

 

 

2013

 

 

2012

 

Net income, as reported

$

  143,983

 

 

$

  55,676

 

 

$

  68,373

 

 

$

  13,876

 

Participating basic earnings (a)

 

(2,335

)

 

 

(999

)

 

 

(1,124

)

 

 

(246

)

Basic net income attributed to common shareholders

 

  141,648

 

 

 

  54,677

 

 

 

  67,249

 

 

 

  13,630

 

Reallocation of participating earnings (a)

 

  12

 

 

 

  3

 

 

 

  5

 

 

 

—

 

Diluted net income attributed to common shareholders

$

  141,660

 

 

$

  54,680

 

 

$

  67,254

 

 

$

  13,630

 

Net income per common share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

$

  0.88

 

 

$

  0.34

 

 

$

  0.42

 

 

$

  0.09

 

Diluted

$

  0.88

 

 

$

  0.34

 

 

$

  0.42

 

 

$

  0.09

 

(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. Participating securities, however, do not participate in undistributed net losses.

 

The following table provides a reconciliation of basic weighted average common shares outstanding to diluted weighted average common shares outstanding (in thousands):

 

 

Three Months Ended
June 30,

 

Six Months Ended
June 30,

 

 

2013

 

 

2012

 

2013

 

 

2012

 

Denominator:

   

 

  

   

 

   

 

  

   

 

Weighted average common shares outstanding – basic

  160,565

 

  

  159,412

  

  160,346

 

  

  159,162

  

Effect of dilutive securities:

   

 

  

   

 

   

 

  

   

 

Director and employee stock options and SARs

  849

 

  

  618

  

  877

 

  

  787

  

Weighted average common shares outstanding – diluted

  161,414

 

  

  160,030

  

  161,223

 

  

  159,949

  

Weighted average common shares – basic for the three months ended June 30, 2013 excludes 2.6 million shares and the three months ended June 30, 2012 excludes 2.9 million shares of restricted stock held in our deferred compensation plans (although all awards are issued and outstanding upon grant). Weighted average common shares – basic for the six months ended June 30, 2013 excludes 2.7 million shares of restricted stock compared to 2.9 million in the same period of 2012. Stock appreciation rights (“SARs”) of 161,000 for the three months ended June 30, 2013 and 252,000 for the six months ended June 30, 2013 were outstanding but not included in the computations of diluted income from operations per share because the grant prices of the SARs were greater than the average market price of the common shares. SARs of 761,000 for the three months ended June 30, 2012 and 592,000 for the six months ended June 30, 2012 were outstanding but not included in the computations of diluted income from operations because the grant prices of the SARs were greater than the average market price of the common shares.