Earnings Per Share

12 Months Ended

Dec. 31, 2013

Earnings Per Share [Abstract]

Earnings Per Share

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

	2013		2012		2011
Net income	$	284,501	$	216,199	$	147,335
Denominator for basic earnings per share		81,793		83,328		80,610
Dilutive securities		2,862		2,408		3,044
Denominator for diluted earnings per share		84,655		85,736		83,654
Basic earnings per share	$	3.48	$	2.59	$	1.83
Diluted earnings per share		3.36		2.52		1.76

Basic shares includes the impact of share-based payment awards classified as participating securities, which are not material to the calculation of basic shares. The calculation of diluted earnings per share for the year ended December 31, 2011 excludes the effect of 0.4 million shares of common stock, that may be issued upon the exercise of employee stock options because such effect would be antidilutive. There were no antidilutive shares for the years ended December 31, 2012 and 2013.