XML 64 R19.htm IDEA: XBRL DOCUMENT v2.4.0.8
Earnings Per Share
 9 Months Ended
Sep. 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
 
Nine Months Ended
 
September 30,
 
September 30,
(In thousands, except per share amounts)
2014
 
2013
 
2014
 
2013
 
 
 
 
 
 
 
 
Computation of Basic Earnings Per Share:
 
 
 
 
 
 
 
Numerator:
 
 
 
 
 
 
 
Net income from continuing operations
$
39,416

 
$
38,573

 
$
96,164

 
$
89,973

Net income (loss) from discontinued operations
(51
)
 
143

 
1,711

 
293

Net income
39,365

 
38,716

 
97,875

 
90,266

Income allocated to participating securities
(343
)
 
(377
)
 
(867
)
 
(901
)
Net income available to common shareholders
$
39,022

 
$
38,339

 
$
97,008

 
$
89,365

Denominator:
 
 
 
 
 
 
 
Weighted average common shares outstanding – basic
57,932

 
57,978

 
57,878

 
57,884

 
 
 
 
 
 
 
 
Basic earnings per share - Continuing operations
$
0.67

 
$
0.66

 
$
1.65

 
$
1.54

Basic earnings per share - Discontinued operations
—

 
—

 
0.03

 
—


$
0.67

 
$
0.66

 
$
1.68

 
$
1.54

 
 
 
 
 
 
 
 
Computation of Diluted Earnings Per Share:
 
 
 
 
 
 
 
Numerator:
 
 
 
 
 
 
 
Net income from continuing operations
$
39,416

 
$
38,573

 
$
96,164

 
$
89,973

Net income from discontinued operations
(51
)
 
143

 
1,711

 
293

Net income
39,365

 
38,716

 
97,875

 
90,266

Income allocated to participating securities
(340
)
 
(375
)
 
(862
)
 
(898
)
Net income available to common shareholders
$
39,025

 
$
38,341

 
$
97,013

 
$
89,368

Denominator:
 
 
 
 
 
 
 
Weighted average common shares outstanding – basic
57,932

 
57,978

 
57,878

 
57,884

Diluted effect of stock options and PVRSUs
524

 
394

 
503

 
383

Weighted average common shares outstanding – diluted
58,456

 
58,372

 
58,381

 
58,267

 
 
 
 
 
 
 
 
Diluted earnings per share - Continuing operations
$
0.67

 
$
0.65

 
$
1.63

 
$
1.53

Diluted earnings per share - Discontinued operations
—

 
0.01

 
0.03

 
—


$
0.67

 
$
0.66

 
$
1.66

 
$
1.53



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, 2014 and 2013, the Company had 2.1 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 and nine months ended September 30, 2014 and 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 September 30, 2014 and 2013, PVRSUs totaling 218,485 and 198,394, respectively, were excluded from the computation since the performance conditions had not been met.