Earnings Per Share

6 Months Ended

Jun. 30, 2013

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Earnings Per Share

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)	2013		2012		2013		2012
Income from continuing operations	$	55,414	$	42,838	$	113,356	$	93,811
Less: Noncontrolling interest in subsidiaries’ earnings	540		185		691		319
Income from continuing operations attributable to common shareholders	54,874		42,653		112,665		93,492
Discontinued operations, net of tax	—		19,909		—		20,732
Net income attributable to common shareholders	$	54,874	$	62,562	$	112,665	$	114,224
Average basic shares outstanding	57,908		57,762		57,684		57,787
Effect of dilutive stock options	920		852		910		917
Average diluted shares outstanding	58,828		58,614		58,594		58,704
Earnings per share - basic:
Income from continuing operations attributable to common shareholders	$	0.95	$	0.74	$	1.95	$	1.62
Discontinued operations, net of tax	—		0.34		—		0.36
Net income attributable to common shareholders	$	0.95	$	1.08	$	1.95	$	1.98
Earnings per share - diluted: (a)
Income from continuing operations attributable to common shareholders	$	0.93	$	0.73	$	1.92	$	1.59
Discontinued operations, net of tax	—		0.34		—		0.35
Net income attributable to common shareholders	$	0.93	$	1.07	$	1.92	$	1.95

(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 (0.9 million and 1.9 million average options were excluded for the second quarter of 2013 and 2012, respectively, and 1.3 million and 1.8 million average options for the first half of 2013 and 2012, respectively).