Earnings Per Common Share

9 Months Ended

Sep. 30, 2011

Net income per common share

Earnings Per Common Share

9.        Earnings Per Common Share

The following table sets forth the computation of basic and diluted earnings per common share:

			Three Months Ended				Nine Months Ended
			September 30,				September 30,
			2011		2010		2011		2010
Numerator:
Net income			$	168,988	$	148,031	$	293,086	$	608,476
Preferred dividends				(6,461)		(6,461)		(19,383)		(19,383)
Net income available to common shareholders			$	162,527	$	141,570	$	273,703	$	589,093
Denominator:
	Weighted average common shares
		outstanding – basic		131,560,851		146,993,373		132,090,354		152,979,948
	Effect of dilutive common share equivalents:
		Nonvested restricted shares		750,289		814,218		952,898		1,036,353
		Stock options (1)		4,829,789		5,738,436		5,499,306		5,935,293
	Weighted average common shares
		and common share equivalents
		outstanding – diluted		137,140,929		153,546,027		138,542,558		159,951,594
Earnings per common share:
	Basic		$	1.24	$	0.96	$	2.07	$	3.85
	Diluted		$	1.19	$	0.92	$	1.98	$	3.68

• Certain stock options were not included in the computation of diluted earnings per share where the exercise price of the stock options exceeded the average market price and would have been anti-dilutive or where, when applying the treasury stock method to in-the-money options, the sum of the proceeds, including unrecognized compensation, exceeded the average market price and would have been anti-dilutive. For the 2011 third quarter and 2010 third quarter, the number of stock options excluded were 698,912 and 654,933, respectively. For the nine months ended September 30, 2011 and 2010, the number of stock options excluded were 385,444 and 500,826, respectively.