Earnings Per Share

12 Months Ended

Dec. 31, 2012

Earnings Per Share

14. Earnings Per Share

The Company reports a dual presentation of basic and diluted EPS. Basic EPS 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 EPS reflects the potential dilution related to equity-based incentives using the if-converted and treasury stock methods, where applicable.

The calculation and reconciliation of basic and diluted earnings per share for the years ended December 31 (in thousands, except per share data):

	2012		2011		2010
Numerator for basic earnings per share:
Net income	$	216,199	$	147,335	$	107,896
Convertible preferred stock accrued dividends		—		—		(1,488	)
Earnings attributable to common shareholders for basic earnings per share	$	216,199	$	147,335	$	106,408
Numerator for diluted earnings per share:
Income attributable to common shareholders for basic earnings per share	$	216,199	$	147,335	$	106,408
Effect of convertible preferred stock		—		—		1,488
Net earnings for diluted earnings per share	$	216,199	$	147,335	$	107,896
Denominator for basic and diluted earnings per share:
Weighted-average shares outstanding		82,553		79,477		33,704
Share-based payment awards classified as participating securities		775		1,133		1,730
Denominator for basic earnings per share		83,328		80,610		35,434
Dilutive securities		2,408		3,044		3,055
Convertible preferred stock		—		—		42,262
Denominator for diluted earnings per share		85,736		83,654		80,751
Basic earnings per share	$	2.59	$	1.83	$	3.00
Diluted earnings per share		2.52		1.76		1.34

The calculation of diluted earnings per share for the years ended December 31, 2011 and 2010 excludes the effect of 0.4 million and 1.3 million shares of common stock, respectively, that may be issued upon the exercise of employee stock options because such effect would be antidilutive. There were no antidilutive shares for the year ended December 31, 2012.