Earnings Per Share

12 Months Ended

Dec. 31, 2011

Earnings Per Share [Abstract]

Earnings Per Share

15. EARNINGS PER SHARE

Basic earnings per share is computed by dividing net income by the weighted average number of common shares outstanding during the year. Diluted earnings per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the entity. For CCA, diluted earnings per share is computed by dividing net income as adjusted, by the weighted average number of common shares after considering the additional dilution related to restricted stock-based compensation and stock options.

A reconciliation of the numerator and denominator of the basic earnings per share computation to the numerator and denominator of the diluted earnings per share computation is as follows (in thousands, except per share data):

	For the Years Ended December 31,
	2011		2010			2009
NUMERATOR
Basic:
Income from continuing operations	$	162,510	$	157,597		$	151,342
Income (loss) from discontinued operations, net of taxes		—		(404	)		3,612
Net income	$	162,510	$	157,193		$	154,954
Diluted:
Income from continuing operations	$	162,510	$	157,597		$	151,342
Income (loss) from discontinued operations, net of taxes		—		(404	)		3,612
Diluted net income	$	162,510	$	157,193		$	154,954
DENOMINATOR
Basic:
Weighted average common shares outstanding		104,736		112,015			116,088
Diluted:
Weighted average common shares outstanding		104,736		112,015			116,088
Effect of dilutive securities:
Stock options		603		769			976
Restricted stock-based compensation		196		193			226
Weighted average shares and assumed conversions		105,535		112,977			117,290
BASIC EARNINGS PER SHARE:
Income from continuing operations	$	1.55	$	1.41		$	1.30
Income (loss) from discontinued operations, net of taxes		—		(0.01	)		0.03
Net income	$	1.55	$	1.40		$	1.33
DILUTED EARNINGS PER SHARE:
Income from continuing operations	$	1.54	$	1.39		$	1.29
Income (loss) from discontinued operations, net of taxes		—		—			0.03
Net income	$	1.54	$	1.39		$	1.32

Approximately 1.6 million, 1.4 million, and 1.2 million stock options were excluded from the computations of diluted earnings per share for the years ended December 31, 2011, 2010, and 2009, respectively, because they were anti-dilutive.