Earnings Per Share

12 Months Ended

Dec. 31, 2012

Earnings Per Share [Abstract]

Earnings Per Share

Earnings Per Share

The Company computes earnings per share in accordance with FASB ASC 260-10. Under the guidance, unvested restricted stock grants that contain non-forfeitable rights to dividends or dividend equivalents are participating securities and, therefore, are included in computing basic earnings per share (EPS) pursuant to the two-class method. The two-class method determines earnings per share for each class of common stock and participating securities according to dividends or dividend equivalents and their respective participation rights in undistributed earnings.

Basic earnings per share (“Basic EPS”) has been computed using the weighted average number of common shares outstanding during each period. Diluted EPS for the years ended December 31, 2012, 2011 and 2010 assumes, as of the beginning of the period, exercise of stock options using the treasury stock method. Certain of our stock options that would potentially dilute Basic EPS in the future were also antidilutive for the years ended December 31, 2012, 2011 and 2010, and are discussed below.

The following is a reconciliation of the numerators and denominators used in the calculation of Basic and Diluted EPS for the years ended December 31, 2012, 2011 and 2010 (in thousands, except per share amounts):

	2012						2011						2010
	Income from Continuing Operations			Shares	Per Share Amount		Income from Continuing Operations			Shares	Per Share Amount		Income from Continuing Operations			Shares	Per Share Amount
Basic EPS:
Income from continuing operations, and Share Amounts	$	20,939		42,840			$	84,610		42,394			$	46,475		38,300
Less: (Income) loss from continuing operations allocated to unvested shares	(448		)	—			(1,598		)	—			(879		)
Income from continuing operations allocated to common shares	$	20,491		42,840	$	0.48	$	83,012		42,394	$	1.96	$	45,596		38,300	$	1.19
Dilutive Securities:
Plus: Income from continuing operations allocated to unvested shares	448			—			1,598			—			879
Less: (Income) loss from continuing operations re-allocated to unvested shares	(447		)	—			(1,589		)	—			(874		)
Stock Options	—			90			—			235						224
Diluted EPS:
Income from continuing operations allocated to common shares, and assumed share conversions	$	20,492		42,930	$	0.48	$	83,021		42,629	$	1.95	$	45,601		38,524	$	1.18

Options to purchase approximately 1.6 million shares at an average exercise price of $33.13 were outstanding at December 31, 2012, while options to purchase approximately 1.4 million shares at an average exercise price of $32.46 were outstanding at December 31, 2011 and options to purchase approximately 1.4 million shares at an average exercise price of $29.67 were outstanding at December 31, 2010. Approximately 1.3 million, 0.8 million and 0.6 million stock options to purchase shares were not included in the computation of Diluted EPS for the years ended December 31, 2012, 2011 and 2010, respectively, because these stock options were antidilutive.