EPS Calculation (Tables)

6 Months Ended

Jun. 30, 2014

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 and six months ended June 30, 2014 and 2013:



	Three Months Ended June 30,						Six Months Ended June 30,
(In Thousands, Except Per Share Amounts)	2014			2013			2014			2013
Numerator:
Net income	$	78,726		$	75,473		$	154,914		$	152,824
Dividends declared on preferred stock	(3,750		)	(4,210		)	(7,500		)	(6,250		)
Dividends, DERs and undistributed earnings allocated to participating securities	(287		)	(329		)	(561		)	(650		)
Issuance costs of redeemed preferred stock (1)	—			(3,947		)	—			(3,947		)
Net income to common stockholders - basic and diluted	$	74,689		$	66,987		$	146,853		$	141,977

Denominator:
Weighted average common shares for basic and diluted earnings per share (2)	368,445			361,450			367,792			359,790
Basic and diluted earnings per share	$	0.20		$	0.19		$	0.40		$	0.39


(1)	Issuance costs of redeemed preferred stock represent the original offering costs related to the Series A Preferred Stock, which was redeemed on May 16, 2013. (See Note 11)

(2)

At June 30, 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 and six months ended June 30, 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 that will expire in August, 2014, approximately 387,000 shares of restricted common stock with a weighted average grant date fair value of $7.48 and approximately 1.2 million RSUs with a weighted average grant date fair value of $6.82. These equity instruments may have a dilutive impact on future EPS.