Earnings per Share

9 Months Ended

Sep. 30, 2013

Earnings Per Share [Abstract]

Earnings per Share

Earnings per Share

The Company has unvested shares of restricted stock and restricted stock units outstanding that are considered participating securities and, therefore, computes basic and diluted earnings per share under the two-class method. Basic earnings per share for the periods are based upon the weighted average number of shares of common stock outstanding during the periods. Diluted earnings per share include the effect of certain stock options.

	Three Months Ended September 30,						Nine Months Ended September 30,
	2013			2012			2013			2012
Net income	$	170,290		$	86,964		$	439,453		$	290,278
Less:
Net income attributable to participating securities	(587		)	(452		)	(1,691		)	(1,682		)
Net income attributable to common shareholders	$	169,703		$	86,512		$	437,762		$	288,596

The following table reconciles the denominator for the basic and diluted earnings per share computations shown in the consolidated statements of operations:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2013		2012		2013		2012
Weighted average common shares—basic	66,628,747		66,311,958		66,628,027		66,240,225
Plus incremental shares from:
Assumed exercise of options	276,807		344,802		275,352		381,295
Weighted average common shares—diluted	66,905,554		66,656,760		66,903,379		66,621,520
Earnings per share:
Basic	$	2.55	$	1.30	$	6.57	$	4.36
Diluted	$	2.54	$	1.30	$	6.54	$	4.33

Excluded from the computation of diluted earnings per share are options to purchase 68,662 and 168,362 shares of common stock for the three months ended September 30, 2013 and 2012, respectively, and 57,759 and 293,062 shares of common stock for the nine months ended September 30, 2013 and 2012, respectively. These options were outstanding during the periods reported but were excluded because the effect of including them would have been antidilutive.