Earnings and Dividends Per Share

3 Months Ended

Mar. 31, 2014

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):

	Three Months Ended
	March 31,
	2014		2013
Income from continuing operations attributable to common stockholders	$	23,533	$	14,050
Discontinued operations	—		1,693
Net income attributable to common stockholders	$	23,533	$	15,743
BASIC:
Weighted average common shares outstanding	33,051,415		27,876,176
Income from continuing operations per common share	$	.71	$	.50
Discontinued operations per common share	—		.06
Net income per common share	$	.71	$	.56
DILUTED:
Weighted average common shares outstanding	33,051,415		27,876,176
Stock options	33,817		35,408
Average dilutive common shares outstanding	33,085,232		27,911,584
Income from continuing operations per common share	$	.71	$	.50
Discontinued operations per common share	—		.06
Net income per common share	$	.71	$	.56
Incremental shares excluded since anti-dilutive:
Stock options with an exercise price in excess of the average market price for our common shares	40,153		11,964
Regular dividends declared per common share	$	.77	$	.695