Earnings Per Share Level 1 (Notes)

9 Months Ended

Sep. 30, 2011

Earnings Per Share

Basic earnings per common share (EPS) excludes dilution and is computed by dividing Net income attributable to common stockholders by the weighted average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur if securities or other obligations to issue common stock were exercised or converted into common stock or resulted in the issuance of common shares that then shared in our earnings.

A reconciliation of the numerators and denominators of the basic and diluted EPS computations is presented below:



	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2011		2010		2011		2010
	(In thousands, except per share amounts)				(In thousands, except per share amounts)
Amounts attributable to common stockholders:
Net income:
Net income — basic	$	35,496	$	18,765	$	100,353	$	89,962
After tax interest on convertible debt	13		—		38		38
Net income — diluted	$	35,509	$	18,765	$	100,391	$	90,000
Weighted average shares (denominator):
Weighted average shares — basic	232,917		246,214		237,037		250,762
Stock options	2,475		1,309		2,370		1,603
Convertible debt	121		—		121		121
Weighted average shares — diluted	235,513		247,523		239,528		252,486
Net income per share:
Basic	$	0.15	$	0.08	$	0.42	$	0.36
Diluted	$	0.15	$	0.08	$	0.42	$	0.36

The computation of diluted EPS excludes outstanding stock options and convertible debt in certain periods in which the inclusion of such options and debt would be anti-dilutive in the periods presented. For the three months ended September 30, 2011 and September 30, 2010, total options and convertible debentures not currently included in the computation of dilutive EPS were 5.1 million and 6.6 million, respectively. For the nine months ended September 30, 2011 and September 30, 2010, total options and convertible debentures not currently included in the computation of dilutive EPS were 5.5 million and 5.4 million, respectively.