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Earnings Per Share
 3 Months Ended
Mar. 31, 2013
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
 
March 31,
(In thousands, except per share amounts)
2013
 
2012
Computation of Basic Earnings Per Share:
 
 
 
Net income
$
15,523

 
$
19,997

Income allocated to participating securities
(163
)
 
(204
)
Net income available to common shareholders
$
15,360

 
$
19,793

Weighted average common shares outstanding – basic
57,720

 
57,622

Basic earnings per share
$
0.27

 
$
0.34

Computation of Diluted Earnings Per Share:
 
 
 
Net income
$
15,523

 
$
19,997

Income allocated to participating securities
(162
)
 
(204
)
Net income available to common shareholders
$
15,361

 
$
19,793

Weighted average common shares outstanding – basic
57,720

 
57,622

Diluted effect of stock options and PVRSUs
361

 
100

Weighted average shares outstanding – diluted
58,081

 
57,722

Diluted earnings per share
$
0.26

 
$
0.34



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 March 31, 2013 and 2012, the Company had 1.8 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 the three month period ended March 31, 2013, the Company did not exclude any anti-dilutive stock options from the diluted earnings per share calculation. For the three month period ended March 31, 2012, the Company excluded 0.4 million of anti-dilutive stock options from the diluted earnings per share calculation.
PVRSUs are also included in the diluted earnings per share calculation assuming the performance conditions have been met at the reporting date. However, at March 31, 2013 and 2012, PVRSUs totaling 198,394 and 148,245, respectively, were excluded from the computation since the performance conditions had not been met.