Earnings Per Share

9 Months Ended

Sep. 30, 2013

Earnings Per Share [Abstract]

Earnings Per Share

Earnings Per Share (restated)

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:
Numerator:
Net income from continuing operations	$	38,573		$	42,637		$	89,973		$	100,639
Net income from discontinued operations	143			107			293			270
Net income	38,716			42,744			90,266			100,909
Income allocated to participating securities	(377		)	(453		)	(901		)	(1,066		)
Net income available to common shareholders	$	38,339		$	42,291		$	89,365		$	99,843
Denominator:
Weighted average common shares outstanding – basic	57,978			57,388			57,884			57,455
Basic earnings per share - Continuing operations	$	0.66		$	0.74		$	1.54		$	1.73
Basic earnings per share - Discontinued operations	—			—			—			0.01
	$	0.66		$	0.74		$	1.54		$	1.74
Computation of Diluted Earnings Per Share:
Numerator:
Net income from continuing operations	$	38,573		$	42,637		$	89,973		$	100,639
Net income from discontinued operations	143			107			293			270
Net income	38,716			42,744			90,266			100,909
Income allocated to participating securities	(375		)	(476)			(898		)	(1,081)
Net income available to common shareholders	$	38,341		$	42,268		$	89,368		$	99,828
Denominator:
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 common shares outstanding – diluted	58,372			57,613			58,267			57,612
Diluted earnings per share - Continuing operations	$	0.65		$	0.73		$	1.53		$	1.73
Diluted earnings per share - Discontinued operations	0.01			—			—			0
	$	0.66		$	0.73		$	1.53		$	1.73

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.