Earnings Per Share

9 Months Ended

Sep. 30, 2012

Earnings Per Share [Abstract]

EARNINGS PER SHARE

EARNINGS PER SHARE

We compute earnings per share using the two-class method. The two-class method of computing earnings per share is an earnings allocation formula that determines earnings per share for common stock and any participating securities according to dividends declared (whether paid or unpaid) and participation rights in undistributed earnings. Our nonvested stock granted prior to 2012 are considered participating securities since the share-based awards contain a non-forfeitable right to dividend equivalents irrespective of whether the awards ultimately vest. Under the two-class method, earnings per common share are computed by dividing the sum of distributed earnings and undistributed earnings allocated to common shareholders by the weighted average number of common shares outstanding for the period. In applying the two-class method, undistributed earnings are allocated to both common shares and participating securities based on the weighted average shares outstanding during the period.

The following table presents the calculation of basic and diluted earnings per common share from continuing operations:

	Three months ended September 30,					Nine months ended September 30,
	2012			2011		2012			2011
	(In thousands, except per share amounts)
Earnings per share — Basic:
Earnings from continuing operations	$	64,311		56,933		$	145,954		123,704
Less: Distributed and undistributed earnings allocated to nonvested stock	(814		)	(933	)	(1,891		)	(1,981	)
Earnings from continuing operations available to common shareholders — Basic	$	63,497		56,000		$	144,063		121,723
Weighted average common shares outstanding — Basic	50,381			50,426		50,433			50,533
Earnings from continuing operations per common share — Basic	$	1.26		1.11		$	2.86		2.41
Earnings per share — Diluted:
Earnings from continuing operations	$	64,311		56,933		$	145,954		123,704
Less: Distributed and undistributed earnings allocated to nonvested stock	(812		)	(928	)	(1,883		)	(1,972	)
Earnings from continuing operations available to common shareholders — Diluted	$	63,499		56,005		$	144,071		121,732
Weighted average common shares outstanding — Basic	50,381			50,426		50,433			50,533
Effect of dilutive equity awards	172			327		292			389
Weighted average common shares outstanding — Diluted	50,553			50,753		50,725			50,922
Earnings from continuing operations per common share — Diluted	$	1.26		1.10		$	2.84		2.39
Anti-dilutive equity awards and market-based restricted stock rights not included above	2,613			1,718		2,234			1,462