Earnings Per Share

9 Months Ended

Sep. 30, 2013

Earnings Per Share [Abstract]

Earnings Per Share

Note 2 – Earnings Per Share

We calculate basic earnings per share (EPS) by dividing net income by the weighted average number of common shares outstanding.  We include outstanding unvested restricted stock awards of our common stock in the basic weighted average share calculation.  Diluted EPS includes the dilutive effects of other share-based awards.  Stock options with exercise prices that are higher than the average market prices of our common stock for the periods presented are excluded from the diluted EPS calculation because their effect is anti-dilutive.

The table below presents the computation of earnings per share, including the reconciliation of basic and diluted weighted average shares outstanding (in thousands, except EPS):

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2013		2012		2013		2012
Net income	$	32,332	$	21,375	$	102,305	$	89,969
Weighted average shares outstanding:
Basic	46,380		46,574		46,475		47,076
Effect of dilutive securities:
Stock options and employee stock purchase plan	1,218		1,213		1,245		1,129
Diluted	47,598		47,787		47,720		48,205
Earnings per share:
Basic	$	0.70	$	0.46	$	2.20	$	1.91
Diluted	$	0.68	$	0.45	$	2.14	$	1.87
Anti-dilutive stock options excluded from diluted earnings per share computations	—		4		—		964