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Earnings Per Share
 9 Months Ended
Sep. 30, 2012
Earnings Per Share [Abstract]  
Earnings Per Share
Earnings Per Share
The computation of basic and diluted earnings per common share is as follows:
 
Three Months Ended
 
Nine Months Ended
 
September 30,
 
September 30,
(In thousands, except per share amounts)
2012
 
2011
 
2012
 
2011
Computation of Basic Earnings Per Share:
 
 
 
 
 
 
 
Net income
$
44,377

 
$
42,302

 
$
96,236

 
$
85,610

Income allocated to participating securities
(470
)
 
(417
)
 
(1,016
)
 
(848
)
Net income available to common shareholders
$
43,907

 
$
41,885

 
$
95,220

 
$
84,762

Weighted average common shares outstanding – basic
57,388

 
59,182

 
57,455

 
59,169

Basic earnings per share
$
0.77

 
$
0.71

 
$
1.66

 
$
1.43

Computation of Diluted Earnings Per Share:
 
 
 
 
 
 
 
Net income
$
44,377

 
$
42,302

 
$
96,236

 
$
85,610

Income allocated to participating securities
(493
)
 
(417
)
 
(1,032
)
 
(848
)
Net income available to common shareholders
$
43,884

 
$
41,885

 
$
95,204

 
$
84,762

Weighted average common shares outstanding – basic
57,388

 
59,182

 
57,455

 
59,169

Diluted effect of stock options and PVRSUs
225

 
36

 
157

 
44

Weighted average shares outstanding-diluted
57,613

 
59,218

 
57,612

 
59,213

Diluted earnings per share
$
0.76

 
$
0.71

 
$
1.65

 
$
1.43



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 September 30, 2012 and 2011, the Company had 2.1 million and 1.6 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 both the three and nine month periods ended September 30, 2012, the Company excluded 0.3 million of anti-dilutive stock options from the diluted earnings per share calculation. For the three and nine month periods ended September 30, 2011, the Company excluded 1.1 million and 0.7 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 September 30, 2012 and 2011, PVRSUs totaling 152,639 and 111,436, respectively were excluded from the computation since the performance conditions had not been met.