Earnings Per Share

6 Months Ended

Jun. 30, 2011

Earnings Per Share

Earnings Per Share

8. Earnings Per Share

The Company reports a dual presentation of basic and diluted earnings per share. Basic earnings per share is computed by dividing net income attributable to shareholders of the Company by the weighted average number of common shares outstanding during the reported period. Diluted earnings per share reflect the potential dilution related to equity-based incentives using the if-converted and treasury stock methods, where applicable. All common share and per common share amounts below have been adjusted to reflect the impact of a two and one-half-for-one Common Stock split on November 29, 2010.

The calculation and reconciliation of basic and diluted earnings per share for the three and six months ended June 30 (in thousands, except per share data):

	Three Months Ended June 30,					Six Months Ended June 30,
	2011		2010			2011		2010
Numerator for basic earnings per share:
Net income	$	36,715	$	29,640		$	69,049	$	56,984
Convertible preferred stock accrued dividends		—		(4,416	)		—		(8,836	)
Earnings attributable to common shareholders for basic earnings per share	$	36,715	$	25,224		$	69,049	$	48,148
Numerator for diluted earnings per share:
Income attributable to common shareholders for basic earnings per share	$	36,715	$	25,224		$	69,049	$	48,148
Effect of convertible preferred stock		—		4,416			—		8,836
Net earnings for diluted earnings per share	$	36,715	$	29,640		$	69,049	$	56,984
Denominator for basic and diluted earnings per share:
Weighted-average shares outstanding		78,929		32,283			78,673		32,306
Share-based payment awards classified as participating securities		1,222		1,705			1,371		1,693
Denominator for basic earnings per share		80,151		33,988			80,044		33,999
Dilutive securities		3,397		3,138			3,420		3,021
Convertible preferred stock		—		43,575			—		43,575
Denominator for diluted earnings per share		83,548		80,701			83,464		80,595
Basic earnings per share	$	0.46	$	0.74		$	0.86	$	1.42
Diluted earnings per share	$	0.44	$	0.37		$	0.83	$	0.71

Diluted earnings per share for the three months ended June 30, 2011 and 2010 exclude the effect of 0.19 million and 0.08 million shares of common stock (0.16 million and 0.08 million for the six months ended June 30, 2011 and 2010), respectively, that may be issued upon the exercise of employee stock options because such effect would be antidilutive.