XML 18 R33.htm IDEA: XBRL DOCUMENT v2.4.0.8
EPS Calculation (Tables)
 3 Months Ended
Mar. 31, 2014
Earnings Per Share [Abstract]  
Schedule of reconciliation of the earnings and shares used in calculating basic and diluted EPS
The following table presents a reconciliation of the earnings and shares used in calculating basic and diluted EPS for the three months ended March 31, 2014 and 2013:
 
 
 
Three Months Ended 
 March 31,
(In Thousands, Except Per Share Amounts)
 
2014
 
2013
Numerator:
 
 
 
 
Net income
 
$
76,188

 
$
77,351

Dividends declared on preferred stock
 
(3,750
)
 
(2,040
)
Dividends, DERs and undistributed earnings allocated to participating securities
 
(278
)
 
(321
)
Net income to common stockholders - basic and diluted
 
$
72,160

 
$
74,990

 
 
 
 
 
Denominator:
 
 
 
 
Weighted average common shares for basic and diluted earnings per share (1)
 
365,848

 
358,110

Basic and diluted earnings per share
 
$
0.20

 
$
0.21


(1) At March 31, 2014, the Company had an aggregate of 1.6 million equity instruments outstanding that were not included in the calculation of diluted EPS for the three months ended March 31, 2014, as their inclusion would have been anti-dilutive.  These equity instruments were comprised of 5,000 stock options with a weighted average exercise price of $8.40 and a weighted average remaining contractual life of 0.36 years, approximately 415,000 shares of restricted common stock with a weighted average grant date fair value of $7.49 and approximately 1.2 million RSUs with a weighted average grant date fair value of $6.81.  These equity instruments may have a dilutive impact on future EPS.