Earnings Per Share

6 Months Ended

Jun. 30, 2012

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.

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,
	2012		2011		2012		2011
Net income	$	54,401	$	36,715	$	96,480	$	69,049
Denominator for basic and diluted earnings per share:
Weighted-average shares outstanding		82,430		78,929		82,054		78,673
Share-based payment awards classified as participating securities		863		1,222		876		1,371
Denominator for basic earnings per share		83,293		80,151		82,930		80,044
Dilutive securities		2,444		3,397		2,521		3,420
Denominator for diluted earnings per share		85,737		83,548		85,451		83,464
Basic earnings per share	$	0.65	$	0.46	$	1.16	$	0.86
Diluted earnings per share	$	0.63	$	0.44	$	1.13	$	0.83

Diluted earnings per share for the three month periods ended June 30, 2012 and 2011 excludes the effect of 0.2 million and 0.2 million shares of common stock, respectively, that may be issued upon the exercise of employee stock options because such effect would be antidilutive.