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8. Earnings Per Share
 6 Months Ended
Mar. 31, 2013
Disclosure Earnings Per Share  
8. Earnings Per Share

8. 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 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, 2013 and 2012 are calculated as follows:

    Three Months Ended Six Months Ended
    March 31 March 31
    2013 2012 2013 2012
    (In thousands, except per share amounts)
               
Basic Earnings Per Share from continuing operations            
 Income from continuing operations $ 112,340 $ 102,084 $ 189,688 $ 164,468
 Less: Income from continuing operations allocated            
  to participating securities   304   1,069   634   1,719
 Income from continuing operations available to            
  common shareholders $ 112,036 $ 101,015 $ 189,054 $ 162,749
               
 Basic weighted average shares outstanding   90,530   90,020   90,445   90,137
 Income from continuing operations per share - Basic $ 1.24 $ 1.12 $ 2.09 $ 1.81
               
Basic Earnings Per Share from discontinued operations            
 Income from discontinued operations $ 4,085 $ 7,027 $ 7,202 $ 13,150
 Less: Income from discontinued operations             
  allocated to participating securities   11   74   24   137
 Income from discontinued operations available to            
  common shareholders $ 4,074 $ 6,953 $ 7,178 $ 13,013
               
 Basic weighted average shares outstanding   90,530   90,020   90,445   90,137
 Income from discontinued operations per share -            
  Basic $ 0.04 $ 0.08 $ 0.08 $ 0.14
               
 Net income per share - Basic $ 1.28 $ 1.20 $ 2.17 $ 1.95
               
Diluted Earnings Per Share from continuing operations            
 Income from continuing operations available to            
  common shareholders $ 112,036 $ 101,015 $ 189,054 $ 162,749
 Effect of dilutive stock options and other shares   2   3   5   4
 Income from continuing operations available to            
  common shareholders $ 112,038 $ 101,018 $ 189,059 $ 162,753
               
 Basic weighted average shares outstanding   90,530   90,020   90,445   90,137
 Additional dilutive stock options and other shares   962   302   961   303
 Diluted weighted average shares outstanding   91,492   90,322   91,406   90,440
 Income from continuing operations per share -            
  Diluted $ 1.23 $ 1.12 $ 2.07 $ 1.80
               
Diluted Earnings Per Share from discontinued operations            
 Income from discontinued operations available to            
  common shareholders $ 4,074 $ 6,953 $ 7,178 $ 13,013
 Effect of dilutive stock options and other shares   -   -   -   -
 Income from discontinued operations available to            
  common shareholders $ 4,074 $ 6,953 $ 7,178 $ 13,013
               
 Basic weighted average shares outstanding   90,530   90,020   90,445   90,137
 Additional dilutive stock options and other shares   962   302   961   303
 Diluted weighted average shares outstanding   91,492   90,322   91,406   90,440
 Income from discontinued operations per share -            
  Diluted $ 0.04 $ 0.08 $ 0.08 $ 0.14
               
 Net income per share - Diluted $ 1.27 $ 1.20 $ 2.15 $ 1.94

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, 2013 and 2012 as their exercise price was less than the average market price of the common stock during those periods.

 

Share Repurchase Program

 

We did not repurchase any shares during the six months ended March 31, 2013 as part of our 2011 share repurchase program. For the six months ended March 31, 2012, we repurchased and retired 387,991 shares for an aggregate value of $12.5 million as part of the program.