Basic and Diluted Earnings Per Share

6 Months Ended

Jun. 30, 2011

Basic and Diluted Earnings Per Share [Abstract]

Basic and Diluted Earnings Per Share

2.   Basic and Diluted Earnings Per Share

The following is a reconciliation of the basic and diluted earnings per share computations:

	Quarter Ended				Six Months Ended
	June 30,				June 30,
	2011		2010		2011		2010
(In thousands, except per share data)
Net earnings from continuing operations	$	43,457	$	32,194	$	78,983	$	58,509
Earnings from discontinued operations, net		—		1,407		—		3,044
Net earnings	$	43,457	$	33,601	$	78,983	$	61,553
Basic shares:
Average shares outstanding		51,950		51,965		51,734		51,989
Basic earnings per share:
Continuing operations	$	0.84	$	0.62	$	1.53	$	1.13
Discontinued operations		—		0.03		—		0.05
Net earnings	$	0.84	$	0.65	$	1.53	$	1.18
Diluted shares:
Average shares outstanding		51,950		51,965		51,734		51,989
Additional shares on the potential dilution from stock options, nonvested restricted stock and performance units		1,339		1,076		1,362		1,050
		53,289		53,041		53,096		53,039
Diluted earnings per share:
Continuing operations	$	0.82	$	0.61	$	1.49	$	1.10
Discontinued operations		—		0.02		—		0.06
Net earnings	$	0.82	$	0.63	$	1.49	$	1.16

The Corporation had stock options that were out-of-the-money which were excluded because of their anti-dilutive effect. Such out-of-the money stock options were associated with 0.2 million shares of common stock for the second quarter of 2011 and 1.8 million shares of common stock for the second quarter of 2010. Out-of-the money stock options were associated with 0.3 million shares of common stock for the first six months of 2011 and 1.8 million shares of common stock for the first six months of 2010.