Earnings Per Share

12 Months Ended

Dec. 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:

	Year Ended December 31,
	2013			2012			2011
Computation of Basic Earnings Per Share:
Numerator:
Net income from continuing operations	$	113,350		$	121,278		$	110,833
Net income from discontinued operations	359			335			228
Net income	113,709			121,613			111,061
Income allocated to participating securities	(1,127		)	(1,281		)	(1,106		)
Net income available to common shareholders	$	112,582		$	120,332		$	109,955
Denominator
Weighted average common shares outstanding -- basic	57,925			57,467			58,862
Basic earnings per share -- Continuing operations	$	1.94		$	2.09		$	1.86
Basic earnings per share -- Discontinued operations	—			—			0.01
	$	1.94		$	2.09		$	1.87
Computation of Diluted Earnings Per Share:
Numerator:
Net income from continuing operations	$	113,350		$	121,278		$	110,833
Net income from discontinued operations	359			335			228
Net income	113,709			121,613			111,061
Income allocated to participating securities	(1,122		)	(1,299		)	(1,105		)
Net income available to common shareholders	$	112,587		$	120,314		$	109,956
Denominator:
Weighted average common shares outstanding -- basic	57,925			57,467			58,862
Diluted effect of stock options and PVRSUs	410			186			72
Weighted average commons shares outstanding -- diluted	58,335			57,653			58,934
Diluted earnings per share -- Continuing operations	$	1.92		$	2.08		$	1.86
Diluted earnings per share -- Discontinued operations	0.01			0.01			0.01
	$	1.93		$	2.09		$	1.87

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 December 31, 2013, 2012, and 2011, the Company had 1.7 million, 1.9 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 the year ended December 31, 2013, no anti-dilutive stock options were excluded from the diluted earnings per share calculation. For the years ended December 31, 2012 and 2011, the Company excluded 0.3 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 December 31, 2013, 2012, and 2011, PVRSUs totaling 197,707, 139,492 and 109,769 respectively, were excluded from the computation since the performance conditions had not been met at the reporting date.