EPS Calculation

9 Months Ended

Sep. 30, 2012

EPS Calculation

EPS Calculation

12.    EPS Calculation

The following table presents a reconciliation of the earnings and shares used in calculating basic and diluted EPS for the three and nine months ended September 30, 2012 and 2011:

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
(In Thousands, Except Per Share Amounts)	2012			2011			2012			2011
Numerator:
Net income	$	78,141		$	83,699		$	237,620		$	245,850
Dividends declared on preferred stock	(2,040		)	(2,040		)	(6,120		)	(6,120		)
Dividends, DERs and undistributed earnings allocated to participating securities	(360		)	(446		)	(1,168		)	(1,195		)
Net income to common stockholders - basic and diluted	$	75,741		$	81,213		$	230,332		$	238,535
Denominator:
Weighted average common shares for basic and diluted earnings per share (1)	356,921			355,964			356,563			336,756
Basic and diluted earnings per share	$	0.21		$	0.23		$	0.65		$	0.71

(1) At September 30, 2012, the Company had an aggregate of 2.0 million equity instruments outstanding that were not included in the calculation of diluted EPS for the three and nine months ended September 30, 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 1.1 years, approximately 536,000 shares of restricted common stock with a weighted average grant date fair value of $7.42 and approximately 995,000 RSUs with a weighted average grant date fair value of $7.04.  These equity instruments may have a dilutive impact on future EPS.