Net Income Per Common Share

12 Months Ended

Dec. 31, 2013

Earnings Per Share [Abstract]

NET INCOME PER COMMON SHARE

NET INCOME PER COMMON SHARE

	2013			2012			2011
Basic
Average common shares outstanding	100,897,512			101,714,901			103,471,323
Net income	$	752,561		$	631,034		$	441,860
Less net income allocated to unvested restricted shares	(4,596		)	(5,114		)	(4,825		)
Net income allocated to common shares	$	747,965		$	625,920		$	437,035
Net income per common share	$	7.41		$	6.15		$	4.22
Diluted
Average common shares outstanding	100,897,512			101,714,901			103,471,323
Stock options and other contingently issuable shares (a)	2,151,359			2,215,528			2,200,650
Average common shares outstanding assuming dilution	103,048,871			103,930,429			105,671,973
Net income	$	752,561		$	631,034		$	441,860
Less net income allocated to unvested restricted shares assuming dilution	(4,509		)	(5,008		)	(4,756		)
Net income allocated to common shares assuming dilution	$	748,052		$	626,026		$	437,104
Net income per common share	$	7.26		$	6.02		$	4.14

(a) Stock options and other contingently issuable shares excludes 842,354, 1,047,734 and 101,260 shares at December 31, 2013, 2012 and 2011, respectively, due to their anti-dilutive effect.

The Company has two classes of participating securities: common shares and restricted shares, representing 99% and 1% of outstanding shares, respectively. The restricted shares are shares of unvested restricted stock granted under the Company’s restricted stock award program. Unvested restricted shares granted prior to April 21, 2010 received non-forfeitable dividends. Accordingly, the shares are considered a participating security and the two-class method of calculating basic and diluted earnings per share is required. Effective April 21, 2010, the restricted stock award program was revised and dividends on performance-based restricted shares granted after this date are deferred and payment is contingent upon the awards vesting. Only the time-based restricted shares, which continue to receive non-forfeitable dividends, are considered a participating security. Basic and diluted earnings per share are calculated using the two-class method in accordance with the Earnings Per Share Topic of the ASC.