7. Earnings Per Share

6 Months Ended

Mar. 31, 2012

Disclosure Earnings Per Share

7. Earnings Per Share

7. Earnings Per Share

Since we have non-vested share-based payments with a nonforfeitable right to dividends or dividend equivalents (referred to as participating securities) we are required to use the two-class method of computing earnings per share. The Company's non-vested restricted stock and restricted stock units, for which vesting is predicated solely on the passage of time granted under our 1998 Long-Term Incentive Plan, are considered to be participating securities. The calculation of earnings per share using the two-class method excludes income attributable to these participating securities from the numerator and excludes the dilutive impact of those shares from the denominator. Basic and diluted earnings per share for the three and six months ended March 31, 2012 and 2011 are calculated as follows:

			Three Months Ended				Six Months Ended
			March 31				March 31
			2012		2011		2012		2011
			(In thousands, except per share amounts)
Basic Earnings Per Share from continuing operations
	Income from continuing operations		$	105,910	$	128,160	$	171,698	$	199,260
	Less: Income from continuing operations allocated
		to participating securities		1,109		1,342		1,794		2,089
	Income from continuing operations available to
		common shareholders	$	104,801	$	126,818	$	169,904	$	197,171
	Basic weighted average shares outstanding			90,020		90,246		90,137		90,157
	Income from continuing operations per share - Basic		$	1.16	$	1.41	$	1.89	$	2.18
Basic Earnings Per Share from discontinued operations
	Income from discontinued operations		$	3,201	$	4,049	$	5,920	$	6,946
	Less: Income from discontinued operations
		allocated to participating securities		34		42		62		73
	Income from discontinued operations available to
		common shareholders	$	3,167	$	4,007	$	5,858	$	6,873
	Basic weighted average shares outstanding			90,020		90,246		90,137		90,157
	Income from discontinued operations per share -
		Basic	$	0.04	$	0.04	$	0.06	$	0.08
	Net income per share - Basic		$	1.20	$	1.45	$	1.95	$	2.26
Diluted Earnings Per Share from continuing operations
	Income from continuing operations available to
		common shareholders	$	104,801	$	126,818	$	169,904	$	197,171
	Effect of dilutive stock options and other shares			3		3		4		5
	Income from continuing operations available to
		common shareholders	$	104,804	$	126,821	$	169,908	$	197,176
	Basic weighted average shares outstanding			90,020		90,246		90,137		90,157
	Additional dilutive stock options and other shares			302		287		303		298
	Diluted weighted average shares outstanding			90,322		90,533		90,440		90,455
	Income from continuing operations per share -
		Diluted	$	1.16	$	1.41	$	1.88	$	2.18
Diluted Earnings Per Share from discontinued operations
	Income from discontinued operations available to
		common shareholders	$	3,167	$	4,007	$	5,858	$	6,873
	Effect of dilutive stock options and other shares			-		-		-		-
	Income from discontinued operations available to
		common shareholders	$	3,167	$	4,007	$	5,858	$	6,873
	Basic weighted average shares outstanding			90,020		90,246		90,137		90,157
	Additional dilutive stock options and other shares			302		287		303		298
	Diluted weighted average shares outstanding			90,322		90,533		90,440		90,455
	Income from discontinued operations per share -
		Diluted	$	0.04	$	0.04	$	0.06	$	0.08
	Net income per share - Diluted		$	1.20	$	1.45	$	1.94	$	2.26

There were no out-of-the-money stock options excluded from the computation of diluted earnings per share for the three and six months ended March 31, 2012 and 2011 as their exercise price was less than the average market price of the common stock during that period.

Share Repurchase Program

On September 28, 2011, the Board of Directors approved a new program authorizing the repurchase of up to five million shares of common stock over a five-year period. However, it may be terminated or limited at any time. Shares may be repurchased in the open market or in privately negotiated transactions in amounts the company deems appropriate. The program is primarily intended to minimize the dilutive effect of equity grants under various benefit related incentive compensation plans of the company. As of March 31, 2012, 387,991 shares had been repurchased for an aggregate value of $12.5 million.