Earnings and Dividends Per Share

12 Months Ended

Dec. 31, 2013

Earnings Per Share [Abstract]

Earnings Per Share

EARNINGS AND DIVIDENDS PER SHARE

The weighted average number of common shares outstanding during the reporting period is used to calculate basic earnings per common share. Diluted earnings per common share assume the exercise of stock options and vesting of restricted shares using the treasury stock method, to the extent dilutive.

The following table summarizes the average number of common shares and the net income used in the calculation of basic and diluted earnings per common share (in thousands, except share and per share amounts):

	Year Ended December 31,
	2013		2012		2011
Income from continuing operations attributable to common stockholders	$	78,499	$	72,667	$	69,817
Discontinued operations	27,684		18,064		11,315
Net income attributable to common stockholders	$	106,183	$	90,731	$	81,132
BASIC:
Weighted average common shares outstanding	28,362,398		27,811,813		27,719,096
Income from continuing operations per common share	$	2.77	$	2.61	$	2.52
Discontinued operations per common share	.97		.65		.41
Net income per common share	$	3.74	$	3.26	$	2.93
DILUTED:
Weighted average common shares outstanding	28,362,398		27,811,813		27,719,096
Stock options and restricted shares	35,304		26,907		73,496
Average dilutive common shares outstanding	28,397,702		27,838,720		27,792,592
Income from continuing operations per common share	$	2.77	$	2.61	$	2.51
Discontinued operations per common share	.97		.65		.41
Net income per common share	$	3.74	$	3.26	$	2.92
Incremental shares excluded since anti-dilutive:
Stock options with an exercise price in excess of the average market price for our common shares	23,883		—		16,758
Regular dividends declared per common share	$	2.90	$	2.64	$	2.495
Special dividends declared per common share1	$	—	$	.22	$	.22
1Special dividends are paid in January following the year in which they are declared