Earnings Per Share

12 Months Ended

Dec. 31, 2011

Earnings Per Share [Abstract]

Earnings Per Share

arnings Per Share

The computation of basic and diluted earnings per common share is as follows:

	Year Ended December 31,
	2011			2010			2009
	(In thousands, except per share amounts)
Computation of Basic Earnings Per Share:
Net income	$	110,396		$	107,441		$	98,250
Income allocated to participating securities	(1,099		)	(1,109		)	(906		)
Net income available to common shareholders	$	109,297		$	106,332		$	97,344
Weighted average common shares outstanding—basic	58,862			58,953			59,514
Basic earnings per share	$	1.86		$	1.80		$	1.64
Computation of Diluted Earnings Per Share:
Net income	$	110,396		$	107,441		$	98,250
Income allocated to participating securities	(1,098		)	(1,108		)	(905		)
Net income available to common shareholders	$	109,298		$	106,333		$	97,345
Weighted average common shares outstanding—basic	58,862			58,953			59,514
Diluted effect of stock options and PVRSUs	72			88			156
Weighted average shares outstanding-diluted	58,934			59,041			59,670
Diluted earnings per share	$	1.85		$	1.80		$	1.63

The Company’s unvested restricted shares contain rights to receive non-forfeitable dividends, and thus are participating securities requiring the two-class method of computing earnings per share (“EPS”). The calculation of EPS for common stock shown above excludes the income attributable to the unvested restricted share awards from the numerator and excludes the dilutive impact of those awards from the denominator.

At December 31, 2011, 2010, and 2009, the Company had 1.6 million, 1.7 million and 1.7 million outstanding stock options, respectively. Stock options are included in the diluted earnings per share calculation using the treasury stock method and average market prices during the period, unless the stock options would be anti-dilutive. For years ended December 31, 2011, 2010, and 2009, the Company excluded 0.7 million, 0.6 million and 0.9 million of anti-dilutive stock options from the diluted earnings per share calculation, respectively.

PVRSUs are also included in the diluted earnings per share calculation assuming the performance conditions have been met at the reporting date. However, at December 31, 2011, 2010, and 2009, PVRSUs totaling 109,769, 127,912 and 102,844 respectively, were excluded from the computation since the performance conditions had not been met at the reporting date.