XML 59 R17.htm IDEA: XBRL DOCUMENT v2.4.0.6
Earnings Per Share
 9 Months Ended
Sep. 30, 2012
Earnings Per Share

Note 10 – Earnings Per Share

The following table presents the calculation of basic and diluted net income per share:

 

     For the Three Months Ended
September 30,		      For the Nine Months Ended
September 30,		  

(in thousands, except per share amounts)

    2012      2011      2012      2011  

Numerator

            

Net income attributable to the Company

    $ 103,470       $ 21,043       $ 207,764       $ 38,049   

Less: dividends and undistributed earnings allocated to unvested restricted stock units

      204         32         509         76   
  

 

 

     

 

 

     

 

 

     

 

 

  

Net income allocated to common stockholders

    $ 103,266       $ 21,011       $ 207,255       $ 37,973   
  

 

 

     

 

 

     

 

 

     

 

 

  

Denominator

            

Basic weighted-average shares

      106,445         105,375         106,099         105,104   

Effect of dilutive employee stock options and restricted stock units

      2,264         1,630         2,144         1,733   
  

 

 

     

 

 

     

 

 

     

 

 

  

Diluted weighted-average shares

      108,709         107,005         108,243         106,837   
  

 

 

     

 

 

     

 

 

     

 

 

  

Net income per share attributable to the Company’s stockholders

            

Basic

    $ 0.97       $ 0.20       $ 1.95       $ 0.36   
  

 

 

     

 

 

     

 

 

     

 

 

  

Diluted

    $ 0.95       $ 0.20       $ 1.92       $ 0.36   
  

 

 

     

 

 

     

 

 

     

 

 

  

Restricted stock units (“RSUs”) granted by the Company generally have graded vesting, include a service condition and receive dividend equivalents. Certain unvested RSUs contain nonforfeitable rights to dividends as they are eligible to participate in undistributed earnings without meeting service condition requirements. These awards are considered participating securities under the guidance which requires the use of the two-class method when computing basic and diluted earnings per share. The two-class method reduces earnings allocated to common stockholders by dividends and undistributed earnings allocated to participating securities.

For the three and nine months ended September 30, 2012, 0.7 million of stock options and RSUs were excluded from the weighted-average diluted shares outstanding due to their antidilutive effect. For the three and nine months ended September 30, 2011, 1.3 million and 1.2 million, respectively, of stock options and RSUs were excluded from the computation of diluted earnings per share due to their antidilutive effect.