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Earnings Per Share
 9 Months Ended
Sep. 30, 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
 
Nine Months Ended
 
September 30,
 
September 30,
(In thousands, except per share amounts)
2013
 
2012
 
2013
 
2012
Computation of Basic Earnings Per Share:
 
 
 
 
 
 
 
Net income
$
41,512

 
$
44,377

 
$
85,269

 
$
96,236

Income allocated to participating securities
(404
)
 
(470
)
 
(851
)
 
(1,016
)
Net income available to common shareholders
$
41,108

 
$
43,907

 
$
84,418

 
$
95,220

Weighted average common shares outstanding – basic
57,978

 
57,388

 
57,884

 
57,455

Basic earnings per share
$
0.71

 
$
0.77

 
$
1.46

 
$
1.66

Computation of Diluted Earnings Per Share:
 
 
 
 
 
 
 
Net income
$
41,512

 
$
44,377

 
$
85,269

 
$
96,236

Income allocated to participating securities
(402
)
 
(493
)
 
(848
)
 
(1,032
)
Net income available to common shareholders
$
41,110

 
$
43,884

 
$
84,421

 
$
95,204

Weighted average common shares outstanding – basic
57,978

 
57,388

 
57,884

 
57,455

Diluted effect of stock options and PVRSUs
394

 
225

 
383

 
157

Weighted average shares outstanding – diluted
58,372

 
57,613

 
58,267

 
57,612

Diluted earnings per share
$
0.70

 
$
0.76

 
$
1.45

 
$
1.65



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, 2013 and 2012, the Company had 1.8 million and 2.1 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 and nine month periods ended September 30, 2013, the Company did not exclude any anti-dilutive stock options from the diluted earnings per share calculation. For each 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.
PVRSUs are also included in the diluted earnings per share calculation when the performance conditions have been met at the reporting date. However, at September 30, 2013 and 2012, PVRSUs totaling 198,394 and 152,639, respectively, were excluded from the computation since the performance conditions had not been met.