Earnings Per Share

6 Months Ended

Jun. 30, 2012

Earnings Per Share

Note 4 - Earnings Per Share

The Company’s basic earnings per share calculations are based on the weighted average number of common shares outstanding during the year. Shares of restricted stock are included in the computation of both basic and diluted earnings per share. Potentially dilutive securities include outstanding stock options, Restricted Share Units, Deferred Stock Units and Performance-based Restricted Share Units. The dilutive effect of potentially dilutive securities is reflected in diluted earnings per common share by application of the treasury method. Diluted earnings per share gives effect to all potentially dilutive common shares outstanding during the year.

	Three Months Ended				Six Months Ended
	June 30,				June 30,
(in thousands, except per share data)	2012		2011		2012		2011
Income from continuing operations	$	42,838	$	49,827	$	93,811	$	97,279
Less: Non-controlling interest in subsidiaries’ earnings		185		100		319		11
Income from continuing operations attributable to common shareholders		42,653		49,727		93,492		97,268
Discontinued operations, net of tax		19,909		710		20,732		1,636
Net income attributable to common shareholders	$	62,562	$	50,437	$	114,224	$	98,904
Average basic shares outstanding		57,762		58,173		57,787		58,259
Effect of dilutive stock options		852		1,175		917		1,198
Average diluted shares outstanding		58,614		59,348		58,704		59,457
Earnings per share - basic: (a)
Income from continuing operations attributable to common shareholders	$	0.74	$	0.85	$	1.62	$	1.67
Discontinued operations, net of tax		0.34		0.01		0.36		0.03
Net income attributable to common shareholders	$	1.08	$	0.87	$	1.98	$	1.70
Earnings per share - diluted: (a)
Income from continuing operations attributable to common shareholders	$	0.73	$	0.84	$	1.59	$	1.64
Discontinued operations, net of tax		0.34		0.01		0.35		0.03
Net income attributable to common shareholders	$	1.07	$	0.85	$	1.95	$	1.66

^(a) EPS amounts may not add due to rounding

The computation of diluted earnings per share excludes the effect of the potential exercise of stock options when the average market price of the common stock is lower than the exercise price of the related stock options during the period (1.9 million and 1.0 million average options for the second quarter of 2012 and 2011, respectively, and 1.8 million and 0.7 million average options for the first half of 2012 and 2011, respectively).