Earnings Per Share

9 Months Ended

Sep. 30, 2011

3. Earnings Per Share

A reconciliation of the numerators and the denominators of our basic and diluted per-share computations follows:


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2011		2010		2011		2010
	(In thousands, except per share data)
Net income — basic (numerator):	$	256,854	$	198,524	$	774,052	$	713,770
Effect of dilutive potential shares Convertible debentures		—		—		—		56

Net income including conversions — diluted (numerator)	$	256,854	$	198,524	$	774,052	$	713,826


Weighted average shares — basic (denominator):		139,027		139,027		139,027		139,026
Effect of dilutive potential shares Convertible debentures		—		—		—		28
Stock options and stock appreciation rights.		14		10		21		27

Weighted average shares including conversions — diluted (denominator)		139,041		139,037		139,048		139,081


Earnings per share:
Basic	$	1.85	$	1.43	$	5.57	$	5.13

Diluted	$	1.85	$	1.43	$	5.57	$	5.13

The following table sets forth the share effects of stock options and the number of stock appreciation rights excluded from our computations of diluted earnings per share, or EPS, as the inclusion of such potentially dilutive shares would have been antidilutive for the periods presented:


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2011		2010		2011		2010
	(In thousands)
Employee and director:
Stock options		19		19		10		9
Stock appreciation rights		815		621		719		579