Earnings Per Common Share

12 Months Ended

Dec. 31, 2011

Earnings Per Common Share [Abstract]

Earnings Per Common Share

(14)    Earnings Per Common Share

Basic earnings per common share is computed by dividing earnings available to common stockholders by the weighted average number of common shares outstanding for the period. Diluted earnings per common share reflects the potential dilution of securities that could share in the Company's earnings, including exercise of outstanding stock options and non-vested restricted stock. As discussed in Note 8, the conditions for conversion related to the Company's Convertible Debentures have never been met. Accordingly, there was no impact on diluted earnings per share attributable to assumed conversion. When the exercise of stock options or the inclusion of awards is anti-dilutive, they are excluded from the earnings per common share calculation. For the years ended December 31, 2011, 2010 and 2009, the number of excluded shares underlying anti-dilutive stock options and awards was 2,526,862, 2,712,625, and 13,683,516, respectively.

A reconciliation of the numerators and the denominators of the basic and diluted earnings per common share computations is as follows:

	Year Ended December 31,
	2011		2010		2009
	(In thousands, except per share data)
Numerator:
Income available to common stockholders and holders of dilutive securities	$	177,311	$	181,574	$	136,096
Denominator:
Weighted average shares		89,678		95,295		102,114
Effect of dilutive securities:
Stock options and stock awards		2,256		1,835		632
Adjusted weighted average shares		91,934		97,130		102,746
Per share amount:
Basic	$	1.98	$	1.91	$	1.33
Diluted	$	1.93	$	1.87	$	1.32