|
Earnings Per Common Share (Tables)
|
9 Months Ended |
|
Sep. 30, 2014
|
| Earnings Per Share [Abstract] |
|
| Reconciliation Income (Loss) from Continuing Operations, Income (Loss) from Discontinued Operations and Net Income (Loss) and Weighted Average Common Shares Outstanding for Calculating Basic Net Earnings (Loss) Per Share |
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:
|
|
|
Three Months Ended
September 30, |
|
|
Nine Months Ended
September 30, |
|
|
Basic |
|
2014 |
|
|
2013 |
|
|
2014 |
|
|
2013 |
|
|
Income from continuing operations |
|
$ |
156,608 |
|
|
$ |
149,909 |
|
|
$ |
335,895 |
|
|
$ |
309,723 |
|
|
Income (loss) from discontinued operations, net of tax |
|
|
(4,423 |
) |
|
|
756 |
|
|
|
(6,288 |
) |
|
|
(152 |
) |
|
Net income |
|
|
152,185 |
|
|
|
150,665 |
|
|
|
329,607 |
|
|
|
309,571 |
|
|
Less: Distributed earnings to common shareholders |
|
|
55,664 |
|
|
|
50,007 |
|
|
|
161,439 |
|
|
|
99,929 |
|
|
Less: Distributed earnings to participating securities |
|
|
17 |
|
|
|
19 |
|
|
|
49 |
|
|
|
41 |
|
|
Undistributed earnings |
|
|
96,504 |
|
|
|
100,639 |
|
|
|
168,119 |
|
|
|
209,601 |
|
|
Undistributed earnings allocated to common shareholders |
|
|
96,478 |
|
|
|
100,598 |
|
|
|
168,070 |
|
|
|
209,520 |
|
|
Undistributed earnings allocated to participating securities |
|
|
26 |
|
|
|
41 |
|
|
|
49 |
|
|
|
81 |
|
|
Total income from continuing operations available to
common shareholders, basic |
|
$ |
156,565 |
|
|
$ |
149,849 |
|
|
$ |
335,797 |
|
|
$ |
309,601 |
|
|
Total income available to common shareholders, basic |
|
$ |
152,142 |
|
|
$ |
150,605 |
|
|
$ |
329,509 |
|
|
$ |
309,449 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average common shares outstanding, basic |
|
|
178,992 |
|
|
|
177,965 |
|
|
|
178,800 |
|
|
|
177,671 |
|
|
Basic earnings per share: (a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from continuing operations |
|
$ |
0.87 |
|
|
$ |
0.84 |
|
|
$ |
1.88 |
|
|
$ |
1.74 |
|
|
Income (loss) from discontinued operations, net of tax |
|
$ |
(0.02 |
) |
|
$ |
0.00 |
|
|
$ |
(0.04 |
) |
|
$ |
(0.00 |
) |
|
Net income |
|
$ |
0.85 |
|
|
$ |
0.85 |
|
|
$ |
1.84 |
|
|
$ |
1.74 |
|
|
(a) |
Earnings per share amounts are computed independently for income from continuing operations, income (loss) from discontinued operations and net income. As a result, the sum of per-share amounts from continuing operations and discontinued operations may not equal the total per-share amount for net income. |
|
| Reconciliation of Income (Loss) from Continuing Operations, Income (Loss) from Discontinued Operations and Net Income (Loss) and Weighted Average Common Shares Outstanding for Calculating Diluted Earnings (Loss) Per Share |
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:
|
|
|
Three Months Ended
September 30, |
|
|
Nine Months Ended
September 30, |
|
|
Diluted |
|
2014 |
|
|
2013 |
|
|
2014 |
|
|
2013 |
|
|
Total income from continuing operations available to
common shareholders, basic |
|
$ |
156,565 |
|
|
$ |
149,849 |
|
|
$ |
335,797 |
|
|
$ |
309,601 |
|
|
Income (loss) from discontinued operations, net of tax |
|
|
(4,423 |
) |
|
|
756 |
|
|
|
(6,288 |
) |
|
|
(152 |
) |
|
Total income available to common shareholders, basic |
|
|
152,142 |
|
|
|
150,605 |
|
|
|
329,509 |
|
|
|
309,449 |
|
|
Undistributed earnings for participating securities |
|
|
26 |
|
|
|
41 |
|
|
|
49 |
|
|
|
81 |
|
|
Total income from continuing operations available to
common shareholders, diluted |
|
$ |
156,591 |
|
|
$ |
149,890 |
|
|
$ |
335,846 |
|
|
$ |
309,682 |
|
|
Total income available to common shareholders, diluted |
|
$ |
152,168 |
|
|
$ |
150,646 |
|
|
$ |
329,558 |
|
|
$ |
309,530 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average common shares outstanding, basic |
|
|
178,992 |
|
|
|
177,965 |
|
|
|
178,800 |
|
|
|
177,671 |
|
|
Common stock equivalents: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restricted stock units |
|
|
497 |
|
|
|
502 |
|
|
|
460 |
|
|
|
473 |
|
|
Stock options |
|
|
458 |
|
|
|
685 |
|
|
|
462 |
|
|
|
760 |
|
|
Employee stock purchase plan |
|
|
1 |
|
|
|
2 |
|
|
|
1 |
|
|
|
2 |
|
|
Weighted-average common shares outstanding, diluted |
|
|
179,948 |
|
|
|
179,154 |
|
|
|
179,723 |
|
|
|
178,906 |
|
|
Diluted earnings per share (a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from continuing operations |
|
$ |
0.87 |
|
|
$ |
0.84 |
|
|
$ |
1.87 |
|
|
$ |
1.73 |
|
|
Income (loss) from discontinued operations, net of tax |
|
$ |
(0.02 |
) |
|
$ |
0.00 |
|
|
$ |
(0.03 |
) |
|
$ |
(0.00 |
) |
|
Net income |
|
$ |
0.85 |
|
|
$ |
0.84 |
|
|
$ |
1.83 |
|
|
$ |
1.73 |
|
|
(a) |
Earnings per share amounts are computed independently for income from continuing operations, income (loss) from discontinued operations and net income. As a result, the sum of per-share amounts from continuing operations and discontinued operations may not equal the total per-share amount for net income. |
|
| Potentially Dilutive Common Stock Equivalents Were Not Included in Earnings (Loss) Per Share Calculations Because They Were Anti-Dilutive |
The following potentially dilutive common stock equivalents were not included in the earnings per share calculations because they were anti-dilutive:
|
|
|
Three Months Ended
September 30, |
|
|
Nine Months Ended
September 30, |
|
|
|
|
2014 |
|
|
2013 |
|
|
2014 |
|
|
2013 |
|
|
Stock options |
|
|
49 |
|
|
|
330 |
|
|
|
334 |
|
|
|
330 |
|
|
Restricted stock units where certain performance
conditions were not met |
|
|
53 |
|
|
|
88 |
|
|
|
53 |
|
|
|
89 |
|
|