EPS Calculation

3 Months Ended

Mar. 31, 2012

EPS Calculation

EPS Calculation

11.    EPS Calculation

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, 2012 and 2011:

	Three Months Ended March 31,
(In Thousands, Except Per Share Amounts)	2012			2011
Numerator:
Net income	$	84,713		$	82,865
Dividends declared on preferred stock	(2,040		)	(2,040		)
Dividends, DERs and undistributed earnings allocated to participating securities (1)	(416		)	(380		)
Net income to common stockholders - basic and diluted	$	82,257		$	80,445
Denominator:
Weighted average common shares for basic and diluted earnings per share (2)	356,167			297,949
Basic and diluted earnings per share	$	0.23		$	0.27

(1) There were no undistributed earnings to allocate to participating securities for the three months ended March 31, 2012 and March 31, 2011, as the Company declared its common stock dividend during the respective quarters.

(2) At March 31, 2012, the Company had an aggregate of 2.1 million equity instruments outstanding that were not included in the calculation of diluted EPS for the three months ended March 31, 2012, as their inclusion would have been anti-dilutive.  These equity instruments were comprised of 432,000 stock options with a weighted average exercise price of $10.11 and a weighted average remaining contractual life of 1.6 years, approximately 676,000 shares of restricted common stock with a weighted average grant date fair value of $7.17 and approximately 949,000 RSUs with a weighted average grant date fair value of $7.21.  These equity instruments may have a dilutive impact on future EPS.