Earnings Per Common Share

9 Months Ended

Sep. 30, 2013

Earnings Per Share [Abstract]

Earnings Per Common Share

Earnings Per Common Share

Basic net earnings per share are computed using the weighted-average number of common shares outstanding. The dilutive effect of potential common shares outstanding is included in diluted net earnings per share. The computations of basic net earnings per share and diluted net earnings per share are as follows:

	Three Months Ended September 30, 2013
	Income (Numerator)		Shares (Denominator)	Per-share Amount
Net income	$	13,790,000
Basic earnings per common share	$	13,790,000	69,706,000	$	0.20
Effect of dilutive securities:
Stock options and restricted stock			825,000	—
Diluted earnings per common share	$	13,790,000	70,531,000	$	0.20
	Three Months Ended September 30, 2012
	Income (Numerator)		Shares (Denominator)	Per-share Amount
Net income	$	11,517,000
Basic earnings per common share	$	11,517,000	67,651,000	$	0.17
Effect of dilutive securities:
Stock options and restricted stock			984,000	—
Diluted earnings per common share	$	11,517,000	68,635,000	$	0.17

	Nine Months Ended September 30, 2013
	Income (Numerator)		Shares (Denominator)	Per-share Amount
Net income	$	41,677,000
Basic earnings per common share	$	41,677,000	68,926,000	$	0.60
Effect of dilutive securities:
Stock options and restricted stock			832,000	—
Diluted earnings per common share	$	41,677,000	69,758,000	$	0.60
	Nine Months Ended September 30, 2012
	Income (Numerator)		Shares (Denominator)	Per-share Amount
Net income	$	31,416,000
Basic earnings per common share	$	31,416,000	67,344,000	$	0.47
Effect of dilutive securities:
Stock options and restricted stock			972,000	(0.01		)
Diluted earnings per common share	$	31,416,000	68,316,000	$	0.46

Stock awards to purchase 547,000 and 548,000 shares of common stock having an average exercise price of $23.50 per common share were outstanding during the three and nine months ended September 30, 2013 but not included in the computation of diluted earnings per common share because the exercise prices of the options were greater than the average market price of the common shares, and therefore, would be antidilutive.

Stock awards to purchase 507,000 and 559,000 shares of common stock having an average exercise price of $17.50 per common share were outstanding during the three and nine months ended September 30, 2012 but not included in the computation of diluted earnings per common share because the exercise prices of the options were greater than the average market price of the common shares, and therefore, would be antidilutive.