Earnings Per Share

9 Months Ended

Sep. 30, 2014

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 and restricted stock units granted to our Board of Directors are considered participating securities since these 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 September 30,					Nine months ended September 30,
	2014			2013		2014			2013
	(In thousands, except per share amounts)
Earnings per share — Basic:
Earnings from continuing operations	$	83,967		73,875		$	208,759		177,252
Less: Distributed and undistributed earnings allocated to nonvested stock	(275		)	(643	)	(879		)	(1,636	)
Earnings from continuing operations available to common shareholders — Basic	$	83,692		73,232		$	207,880		175,616
Weighted average common shares outstanding — Basic	52,459			51,788		52,559			51,397
Earnings from continuing operations per common share — Basic	$	1.60		1.41		$	3.96		3.42
Earnings per share — Diluted:
Earnings from continuing operations	$	83,967		73,875		$	208,759		177,252
Less: Distributed and undistributed earnings allocated to nonvested stock	(273		)	(639	)	(873		)	(1,625	)
Earnings from continuing operations available to common shareholders — Diluted	$	83,694		73,236		$	207,886		175,627
Weighted average common shares outstanding — Basic	52,459			51,788		52,559			51,397
Effect of dilutive equity awards	515			440		487			451
Weighted average common shares outstanding — Diluted	52,974			52,228		53,046			51,848
Earnings from continuing operations per common share — Diluted	$	1.58		1.40		$	3.92		3.39
Anti-dilutive equity awards not included above	8			584		212			863