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Earnings Per Share
9 Months Ended
Sep. 30, 2011
Earnings Per Share [Abstract] 
Earnings Per Share

9. Earnings Per Share

The Company reports 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 method, 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 nine months ended September 30 (in thousands, except per share data):

 

     Three Months Ended
September 30,		     Nine Months Ended
September 30,		  
     2011      2010     2011      2010  

Numerator for basic earnings per share:

           

Net income

    $ 40,514       $ 33,398      $ 109,563       $ 90,382   

Convertible preferred stock accrued dividends

      —           (4,529 )      —           (13,365 ) 
  

 

 

     

 

 

    

 

 

     

 

 

  

Income attributable to common shareholders for basic earnings per share

    $ 40,514       $ 28,869      $ 109,563       $ 77,017   
  

 

 

     

 

 

    

 

 

     

 

 

  

Numerator for diluted earnings per share:

           

Income attributable to common shareholders for basic earnings per share

    $ 40,514       $ 28,869      $ 109,563       $ 77,017   

Effect of convertible preferred stock

      —           4,529        —           13,365   
  

 

 

     

 

 

    

 

 

     

 

 

  

Net earnings for diluted earnings per share

    $ 40,514       $ 33,398      $ 109,563       $ 90,382   
  

 

 

     

 

 

    

 

 

     

 

 

  

Denominator for basic and diluted earnings per share:

           

Weighted-average shares outstanding

      79,790         32,052        79,093         32,188   

Share-based payment awards classified as participating securities

      1,029         2,024        1,212         1,837   
  

 

 

     

 

 

    

 

 

     

 

 

  

Denominator for basic earnings per share

      80,819         34,076        80,305         34,025   

Dilutive securities

      2,830         3,228        3,221         3,091   

Convertible preferred stock

      —           43,575        —           43,575   
  

 

 

     

 

 

    

 

 

     

 

 

  

Denominator for diluted earnings per share

      83,649         80,880        83,526         80,691   
  

 

 

     

 

 

    

 

 

     

 

 

  

Basic earnings per share

    $ 0.50       $ 0.85      $ 1.36       $ 2.26   

Diluted earnings per share

    $ 0.48       $ 0.41      $ 1.31       $ 1.10   

Diluted earnings per share excludes the effect of 0.4 million and 0.2 million shares of common stock for the three months ended September 30, 2011 and 2010, respectively, that may be issued upon the exercise of employee stock options because such effect would be antidilutive.