Earnings Per Share

3 Months Ended

Feb. 29, 2012

Earnings Per Share [Abstract]

Earnings Per Share

Note 18. 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 months ended February 29, 2012 and February 28, 2011 (in thousands, except per share amounts):

	Three Months Ended
	February 29, 2012		February 28, 2011
Earnings for basic earnings per common share:
Net earnings	$	96,717	$	102,045
Net earnings to noncontrolling interests		19,581		14,704
Net earnings to common shareholders		77,136		87,341
Less: Allocation of earnings to participating securities(1)		4,643		3,925
Net earnings available to common shareholders	$	72,493	$	83,416
Earnings for diluted earnings per common share:
Net earnings	$	96,717	$	102,045
Net earnings to noncontrolling interests		19,581		14,704
Net earnings to common shareholders		77,136		87,341
Add: Convertible preferred stock dividends		1,016		1,016
Less: Allocation of earnings to participating securities(1)		4,639		3,907
Net earnings available to common shareholders	$	73,513	$	84,450
Shares:
Average common shares used in basic computation		218,049		199,141
Stock options		3		11
Mandatorily redeemable convertible preferred stock		4,110		4,105
Convertible debt		—		—
Average common shares used in diluted computation		222,162		203,257
Earnings per common share:
Basic	$	0.33	$	0.42
Diluted	$	0.33	$	0.42

(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 14,198,000 and 9,403,000 for the three months ended February 29, 2012 and February 28, 2011, respectively. Dividends declared on participating securities during the three months ended February 29, 2012 and February 28, 2011 amounted to approximately $959,000 and $686,000, 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.

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 13, Long-Term Debt, and the governing provisions of the Delaware General Corporation Law.

Dividends per Common Share (declared):

	1st Quarter
2012	$	0.075
2011	$	0.075

On March 19, 2012, a quarterly dividend was declared of $0.075 per share of common stock payable on May 15, 2012 to stockholders of record as of April 16, 2012.