| Earnings (Loss) per Common Share |
Note 16: Earnings
per Common Share
Earnings per
share is calculated using the two-class method. The two-class
method is an earnings allocation formula that determines earnings
per share for each class of common stock and participating
security. The Company has participating securities related to
restricted stock units, granted under the Company’s 2007
Omnibus Equity Compensation Plan, that earn dividend equivalents on
an equal basis with common shares. In applying the two-class
method, undistributed earnings are allocated to both common shares
and participating securities. The following is a reconciliation of
the Company’s income from continuing operations, income
(loss) from discontinued operations and net income and
weighted-average common shares outstanding for calculating basic
earnings per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Years Ended
December 31, |
|
| |
|
2012 |
|
|
2011 |
|
|
2010 |
|
|
Basic
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from continuing
operations
|
|
$ |
374,250 |
|
|
$ |
304,929 |
|
|
$ |
255,072 |
|
|
Income (loss) from
discontinued operations, net of tax
|
|
|
(16,180 |
) |
|
|
4,684 |
|
|
|
12,755 |
|
|
Net income
|
|
|
358,070 |
|
|
|
309,613 |
|
|
|
267,827 |
|
|
Less: Distributed earnings
to common shareholders
|
|
|
214,541 |
|
|
|
158,708 |
|
|
|
150,724 |
|
|
Less: Distributed earnings
to participating securities
|
|
|
86 |
|
|
|
68 |
|
|
|
51 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Undistributed
earnings
|
|
|
143,443 |
|
|
|
150,837 |
|
|
|
117,052 |
|
|
Undistributed earnings
allocated to common shareholders
|
|
|
143,385 |
|
|
|
150,772 |
|
|
|
117,014 |
|
|
Undistributed earnings
allocated to participating securities
|
|
|
58 |
|
|
|
65 |
|
|
|
38 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total income from
continuing operations available to common shareholders,
basic
|
|
$ |
374,106 |
|
|
$ |
304,796 |
|
|
$ |
254,983 |
|
|
Total income available to
common shareholders, basic
|
|
$ |
357,926 |
|
|
$ |
309,480 |
|
|
$ |
267,738 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average common
shares outstanding, basic
|
|
|
176,445 |
|
|
|
175,484 |
|
|
|
174,833 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per share:
(a)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from continuing
operations
|
|
$ |
2.12 |
|
|
$ |
1.74 |
|
|
$ |
1.46 |
|
|
Income (loss) from
discontinued operations, net of tax
|
|
$ |
(0.09 |
) |
|
$ |
0.03 |
|
|
$ |
0.07 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$ |
2.03 |
|
|
$ |
1.76 |
|
|
$ |
1.53 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (a) |
Amounts may not sum due to
rounding. |
Diluted
earnings per common share is based on the weighted-average number
of common shares outstanding adjusted for the dilutive effect of
common stock equivalents related to the restricted stock units,
stock options, and employee stock purchase plan. The dilutive
effect of the common stock equivalents is calculated using the
treasury stock method and expected proceeds on vesting of the
restricted stock units, exercise of the stock options and purchases
under the employee stock purchase plan. The following is a
reconciliation of the Company’s income from continuing
operations, income (loss) from discontinued operations and net
income and weighted-average common shares outstanding for
calculating diluted earnings per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Years Ended
December 31, |
|
| |
|
2012 |
|
|
2011 |
|
|
2010 |
|
|
Diluted
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total income from
continuing operations available to common shareholders,
basic
|
|
$ |
374,106 |
|
|
$ |
304,796 |
|
|
$ |
254,983 |
|
|
Income (loss) from
discontinued operations, net of tax
|
|
|
(16,180 |
) |
|
|
4,684 |
|
|
|
12,755 |
|
|
Total income available to
common shareholders, basic
|
|
|
357,926 |
|
|
|
309,480 |
|
|
|
267,738 |
|
|
Undistributed earnings
allocated to participating securities
|
|
|
58 |
|
|
|
65 |
|
|
|
38 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total income from
continuing operations available to common shareholders,
diluted
|
|
$ |
374,164 |
|
|
$ |
304,861 |
|
|
$ |
255,021 |
|
|
Total income available to
common shareholders, diluted
|
|
$ |
357,984 |
|
|
$ |
309,545 |
|
|
$ |
267,776 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average common
shares outstanding, basic
|
|
|
176,445 |
|
|
|
175,484 |
|
|
|
174,833 |
|
|
Restricted stock
units
|
|
|
618 |
|
|
|
556 |
|
|
|
264 |
|
|
Stock options
|
|
|
607 |
|
|
|
490 |
|
|
|
26 |
|
|
Employee stock purchase
plan
|
|
|
1 |
|
|
|
1 |
|
|
|
1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average common
shares outstanding, diluted
|
|
|
177,671 |
|
|
|
176,531 |
|
|
|
175,124 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per share:
(a)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from continuing
operations
|
|
$ |
2.11 |
|
|
$ |
1.73 |
|
|
$ |
1.46 |
|
|
Income (loss) from
discontinued operations, net of tax
|
|
$ |
(0.09 |
) |
|
$ |
0.03 |
|
|
$ |
0.07 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$ |
2.01 |
|
|
$ |
1.75 |
|
|
$ |
1.53 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (a) |
Amounts may not sum due to
rounding. |
The following
potentially dilutive common stock equivalents were not included in
the earnings per share calculations for the years ended
December 31 because they were anti-dilutive:
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
2012 |
|
|
2011 |
|
|
2010 |
|
|
Stock options
|
|
|
619 |
|
|
|
711 |
|
|
|
1,781 |
|
|
Restricted stock units
where certain performance conditions were not met
|
|
|
19 |
|
|
|
22 |
|
|
|
69 |
|