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Earnings Per Share
 6 Months Ended
Jun. 30, 2014
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
 
Six Months Ended
 
June 30,
 
June 30,
(In thousands, except per share amounts)
2014
 
2013
 
2014
 
2013
 
 
 
(Restated)
 
 
 
(Restated)
Computation of Basic Earnings Per Share:
 
 
 
 
 
 
 
Numerator:
 
 
 
 
 
 
 
Net income from continuing operations
$
35,279

 
$
31,624

 
$
56,748

 
$
51,400

Net income from discontinued operations
121

 
183

 
1,762

 
150

Net income
35,400

 
31,807

 
58,510

 
51,550

Income allocated to participating securities
(324
)
 
(310
)
 
(523
)
 
(521
)
Net income available to common shareholders
$
35,076

 
$
31,497

 
$
57,987

 
$
51,029

Denominator:
 
 
 
 
 
 
 
Weighted average common shares outstanding – basic
57,893

 
57,953

 
57,850

 
$
57,837

 
 
 
 
 
 
 
 
Basic earnings per share - Continuing operations
$
0.61

 
$
0.54

 
$
0.97

 
$
0.88

Basic earnings per share - Discontinued operations
—

 
—

 
0.03

 
—


$
0.61

 
$
0.54

 
$
1.00

 
$
0.88

 
 
 
 
 
 
 
 
Computation of Diluted Earnings Per Share:
 
 
 
 
 
 
 
Numerator:
 
 
 
 
 
 
 
Net income from continuing operations
$
35,279

 
$
31,624

 
$
56,748

 
$
51,400

Net income from discontinued operations
121

 
183

 
1,762

 
150

Net income
35,400

 
31,807

 
58,510

 
51,550

Income allocated to participating securities
(322
)
 
(309
)
 
(521
)
 
(519
)
Net income available to common shareholders
$
35,078

 
$
31,498

 
$
57,989

 
$
51,031

Denominator:
 
 
 
 
 
 
 
Weighted average common shares outstanding – basic
57,893

 
57,953

 
57,850

 
57,837

Diluted effect of stock options and PVRSUs
492

 
386

 
491

 
376

Weighted average common shares outstanding – diluted
58,385

 
58,339

 
58,341

 
58,213

 
 
 
 
 
 
 
 
Diluted earnings per share - Continuing operations
$
0.60

 
$
0.54

 
$
0.96

 
$
0.88

Diluted earnings per share - Discontinued operations
—

 
—

 
0.03

 
—


$
0.60

 
$
0.54

 
$
0.99

 
$
0.88



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 June 30, 2014 and 2013, the Company had 2.3 million and 1.8 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 months ended June 30, 2014, the Company excluded 0.7 million of anti-dilutive stock options from the diluted EPS calculation. For the six months ended June 30, 2014 and the three and six months ended June 30, 2013, the Company did not exclude any anti-dilutive stock options from the diluted EPS 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 June 30, 2014 and 2013, PVRSUs totaling 222,385 and 198,394, respectively, were excluded from the computation since the performance conditions had not been met.