Earnings Per Share

6 Months Ended

Jun. 30, 2013

Earnings Per Share [Abstract]

Earnings Per Share

Note 2 – Earnings Per Share

The following table sets forth the calculation of basic and diluted weighted average shares outstanding and earnings per share for the indicated periods.

	Three Months Ended June 30,						Six Months Ended June 30,
	2013			2012			2013			2012
	(in thousands, except per share data)
Income (numerator):
Basic:
Net income	$	39,022		$	30,547		$	79,780		$	81,521
Net income attributable to participating securities		(1,015	)		(734	)		(1,794	)		(1,681	)
Net income attributable to common stock—basic	$	38,007		$	29,813		$	77,986		$	79,840
Diluted:
Net income	$	39,022		$	30,547		$	79,780		$	81,521
Net income attributable to participating securities		(1,015	)		(733	)		(1,793	)		(1,680	)
Net income attributable to common stock—diluted	$	38,007		$	29,814		$	77,987		$	79,841
Weighted average shares (denominator):
Weighted average shares—basic		48,687			48,303			48,653			48,279
Diluted effect of stock options		38			41			38			43
Weighted average shares—diluted		48,725			48,344			48,691			48,322
Basic earnings per share	$	0.78		$	0.62		$	1.60		$	1.65
Diluted earnings per share	$	0.78		$	0.62		$	1.60		$	1.65

Stock options that were considered antidilutive because the exercise price of the options exceeded the average price of our common stock for the applicable period totaled approximately 333,000 and 369,000 shares during the three and six-month periods ended June 30, 2013 and 2012, respectively.

During the three months ended June 30, 2013 and 2012, respectively, approximately 45,000 and 23,000 shares of common stock were issued from authorized shares upon the vesting (lapse of forfeiture restrictions) of restricted stock by employees and nonemployee directors. During the six months ended June 30, 2013 and 2012, respectively, approximately 336,000 and 255,000 shares of common stock were issued from authorized shares upon the vesting (lapse of forfeiture restrictions) of restricted stock by employees and nonemployee directors.

Because it is management’s stated intention to redeem the principal amount of our 1 ³/₄% Senior Convertible Notes due 2017 (the “2017 Convertible Notes”) (see Note 4 – Long-Term Debt) in cash, we have used the treasury method for determining potential dilution in the diluted earnings per share computation. Since the average price of our common stock was less than the effective conversion price for such notes during the reporting period, the 2017 Convertible Notes were not dilutive for such period. Additionally, since the average price of our common stock was less than the strike price of the Sold Warrants (as defined in Note 4 – Long-Term Debt) for the reporting period, such warrants were also not dilutive for such period.