Earnings per common share

6 Months Ended

Jun. 30, 2013

Earnings Per Share [Abstract]

Earnings per common share

Earnings per common share

Basic earnings per common share were computed by dividing earnings on common stock by the weighted average number of shares of common stock outstanding during the applicable period. Diluted earnings per common share were computed by dividing earnings on common stock by the total of the weighted average number of shares of common stock outstanding during the applicable period, plus the effect of outstanding performance share awards. Common stock outstanding includes issued shares less shares held in treasury. Net income was the same for both the basic and diluted earnings per share calculations. A reconciliation of the weighted average common shares outstanding used in the basic and diluted earnings per share calculation was as follows:

	Three Months Ended		Six Months Ended
	June 30,		June 30,
	2013	2012	2013	2012
	(In thousands)
Weighted average common shares outstanding - basic	188,831	188,831	188,831	188,821
Effect of dilutive stock options and performance share awards	632	276	629	275
Weighted average common shares outstanding - diluted	189,463	189,107	189,460	189,096
Shares excluded from the calculation of diluted earnings per share	—	—	—	—