Earnings Per Share

6 Months Ended

Jun. 30, 2013

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 cash payments prior to vesting. 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 June 30,					Six months ended June 30,
	2013			2012		2013			2012
	(In thousands, except per share amounts)
Earnings per share — Basic:
Earnings from continuing operations	$	62,575		46,767		$	103,377		81,643
Less: Distributed and undistributed earnings allocated to nonvested stock	(556		)	(590	)	(978		)	(1,062	)
Earnings from continuing operations available to common shareholders — Basic	$	62,019		46,177		$	102,399		80,581
Weighted average common shares outstanding — Basic	51,445			50,433		51,201			50,459
Earnings from continuing operations per common share — Basic	$	1.21		0.92		$	2.00		1.60
Earnings per share — Diluted:
Earnings from continuing operations	$	62,575		46,767		$	103,377		81,643
Less: Distributed and undistributed earnings allocated to nonvested stock	(552		)	(587	)	(972		)	(1,057	)
Earnings from continuing operations available to common shareholders — Diluted	$	62,023		46,180		$	102,405		80,586
Weighted average common shares outstanding — Basic	51,445			50,433		51,201			50,459
Effect of dilutive equity awards	478			264		457			351
Weighted average common shares outstanding — Diluted	51,923			50,697		51,658			50,810
Earnings from continuing operations per common share — Diluted	$	1.19		0.91		$	1.98		1.59
Anti-dilutive equity awards not included above	593			2,414		1,003			2,044