Earnings Per Share

9 Months Ended

Aug. 31, 2011

Earnings Per Share [Abstract]

Earnings Per Share

Note 17. Earnings Per Share

The following is a reconciliation of the numerators and denominators of the Basic and Diluted earnings per common share computations for the three and nine months ended August 31, 2011 and the three and eight months ended August 31, 2010 (in thousands, except per share amounts):

							Nine Months		Eight Months
	Three Months Ended						Ended		Ended
	August 31, 2011			August 31, 2010			August 31, 2011		August 31, 2010
Earnings for basic earnings per common share:
Net earnings	$	54,010		$	42,625		$	240,755	$	162,817
Net (loss) earnings to noncontrolling interests		(14,265	)		(2,129	)		4,523		1,865
Net earnings to common shareholders		68,275			44,754			236,232		160,952
Less: Allocation of earnings to participating securities (1)		3,410			1,674			11,136		5,452
Net earnings available to common shareholders	$	64,865		$	43,080		$	225,096	$	155,500
Earnings for diluted earnings per common share:
Net earnings	$	54,010		$	42,625		$	240,755	$	162,817
Net (loss) earnings to noncontrolling interests		(14,265	)		(2,129	)		4,523		1,865
Net earnings to common shareholders		68,275			44,754			236,232		160,952
Add: Convertible preferred stock dividends (2)		1,016			—			3,047		2,708
Less: Allocation of earnings to participating securities (1)		3,415			1,674			11,116		5,465
Net earnings available to common shareholders	$	65,876		$	43,080		$	228,163	$	158,195
Shares:
Average common shares used in basic computation		218,426			195,601			209,544		196,943
Stock options		5			11			9		14
Mandatorily redeemable convertible preferred stock (2)		4,110			—			4,108		4,105
Convertible debt		—			—			—		—
Average common shares used in diluted computation		222,541			195,612			213,661		201,062
Earnings per common share:
Basic	$	0.30		$	0.22		$	1.07	$	0.79
Diluted	$	0.30		$	0.22		$	1.07	$	0.79

(1)

Represents dividends declared during the period on participating securities plus an allocation of undistributed earnings to participating securities. Losses are not allocated to participating securities. Participating securities represent restricted stock and restricted stock units for which requisite service has not yet been rendered and amounted to weighted average shares of 11,239,000 and 7,661,000 for the three months ended August 31, 2011 and 2010, respectively, and 10,297,000 and 6,797,000 for the nine months ended August 31, 2011 and eight months ended August 31, 2010, respectively. Dividends declared on participating securities during the three and nine months ended August 31, 2011 amounted to approximately $934,000 and $2,414,000, respectively, and $559,000 and $1,621,000 for the three and eight months ended August 31, 2010, respectively. Undistributed earnings are allocated to participating securities based upon their right to share in earnings if all earnings for the period had been distributed.

(2)

For the three months ended August 31, 2010, the mandatorily redeemable convertible preferred stock of 4,105,138 outstanding at August 31, 2010 was considered anti-dilutive and therefore excluded in the computation of Diluted earnings per share for that period.

Restrictions on our present ability to pay dividends on our common stock are the dividend preference terms of our Series A convertible preferred stock, certain financial covenants associated with the $950.0 million Credit Facility as described in Note 12, Long-term debt, and the governing provisions of the Delaware General Corporation Law.

Dividends per Common Share (declared):

	1st Quarter		2nd Quarter		3rd Quarter
2011	$	0.075	$	0.075	$	0.075
2010	$	0.075	$	0.075	$	0.075

On September 20, 2011, a quarterly dividend was declared of $0.075 per share of common stock payable on November 15, 2011 to stockholders of record as of October 17, 2011.