Net Income Per Common Share

12 Months Ended

Dec. 31, 2011

Earnings Per Share [Abstract]

Net Income Per Common Share

Net Income Per Common Share:

The following table sets forth the computation of basic and diluted net income per common share for the periods indicated (in thousands, except share and per share data):

	Year Ended December 31,
	2011			2010			2009
Basic EPS:
Net income applicable to common stock	$	301,310		$	193,415		$	176,844
Amount allocable to common shareholders	99.1		%	99.3		%	99.6		%
Rights to undistributed earnings	$	298,583		$	192,044		$	176,160
Weighted average shares outstanding—basic	360,410,168			353,711,045			351,898,898
Net income per common share—basic	$	0.83		$	0.54		$	0.50
Diluted EPS:
Rights to undistributed earnings	$	298,583		$	192,044		$	176,160
Weighted average shares outstanding—basic	360,410,168			353,711,045			351,898,898
Effect of dilutive securities:
Stock options	3,427,772			2,424,044			4,044,023
Weighted average shares outstanding—diluted	363,837,940			356,135,089			355,942,921
Net income per common share—diluted	$	0.82		$	0.54		$	0.49

In accordance with ASC 260, unvested share-based payment awards that contain rights to receive non-forfeitable dividends or dividend equivalents, whether paid or unpaid, are considered a “participating security” for purposes of computing earnings or loss per common share and the two-class method of computing earnings per share is required for all periods presented.

Under certain of the Company's restricted stock award agreements, unvested shares of restricted stock have rights to receive non-forfeitable dividends. For the years ended December 31, 2011, 2010 and 2009, the Company has calculated diluted earnings per share under both the treasury stock method and the two-class method. There was not a significant difference in the per share amounts calculated under the two methods, and the two-class method is disclosed. For the years ended December 31, 2011, 2010 and 2009, approximately 3.1 million, 2.6 million and 1.4 million, respectively, of restricted common shares issued to employees have been excluded from the computation of basic net income per common share since the shares are not vested and remain subject to forfeiture.

For the years ended December 31, 2011, 2010 and 2009, approximately 18.0 million, 25.0 million and 15.8 million, respectively, of stock options were excluded from the calculation of diluted net income per common share since the effect was anti-dilutive.