Earnings Per Share

12 Months Ended

Dec. 31, 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.

	Year Ended December 31,
	2013			2012			2011
Net income	$	610,425		$	385,555		$	258,966
Less:
Net income attributable to participating securities	(2,562		)	(2,160		)	(2,310		)
Net income attributable to common shareholders	$	607,863		$	383,395		$	256,656

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

	Year Ended December 31,
	2013		2012		2011
Weighted average common shares—basic	66,612,128		66,289,429		65,927,421
Plus incremental shares from:
Assumed exercise of options	277,497		352,066		372,737
Weighted average common shares—diluted	66,889,625		66,641,495		66,300,158
Earnings per share:
Basic	$	9.13	$	5.78	$	3.89
Diluted	$	9.09	$	5.75	$	3.87

Excluded from the computation of diluted earnings per share for the years ended December 31, 2013, 2012 and 2011 are options to purchase 59,726, 99,012 and 141,335 shares of common stock, respectively. These options were outstanding during the periods reported but were excluded because the effect of including them would have been antidilutive.