Common Stock

Repurchase Program. Details regarding the Company’s stock repurchase program are presented below:



	Since 1999 (a)		Three Months Ended September 30,		Nine Months Ended September 30,		Authorized Shares
Shares repurchased	25,125,795		1,591,317		2,502,066
Cost, including commission (in thousands) (b)	$	414,413	$	50,954	$	77,274
2010 Plan balance at December 31, 2010							676,271
2011 Plan repurchase shares authorized (c)							2,500,000
Total remaining shares available for repurchase at September 30, 2011							674,205


(a)	Represents repurchased shares and cost since inception of the stock repurchase program in 1999.


(b)	Costs of repurchased shares for the three and nine months ended September 30, 2011 include $12.5 million related to transactions that were not settled as of September 30, 2011.


(c)	On March 21, 2011, the Board of Directors authorized an additional repurchase of the Company’s common stock (the “2011 Plan”).

The Company may in the future make purchases of its common stock pursuant to its authorized programs in open market transactions at prevailing prices and may engage in private transactions, where appropriate. The repurchased shares will be available for issuance under employee benefit and stock incentive plans, or may be retired.

Dividend Policy. On September 30, 2011, the Company paid $9.2 million of quarterly dividends to shareholders. The Company has paid a total of $18.4 million in cash dividends during the nine months ended September 30, 2011.



Basic and Diluted Earnings Per Share. The basic and diluted earnings per share are presented below (in thousands except for share data):
	Three Months Ended September 30,
	2011			2010
Weighted average number of common shares outstanding:
Basic number of common shares outstanding	41,307,632			42,921,044
Dilutive effect of unvested performance awards	231,230			117,796
Dilutive effect of stock options	26,111			64,858
Diluted number of common shares outstanding	41,564,973			43,103,698
Basic net income per common share:
Net income	$	58,321		$	60,182
Income allocated to participating restricted stock	(275		)	(260		)
Net income available to common shareholders	$	58,046		$	59,922
Diluted net income per common share:
Net income	$	58,321		$	60,182
Income reallocated to participating restricted stock	(273		)	(259		)
Net income available to common shareholders	$	58,048		$	59,923
Basic net income per common share:
Distributed earnings	$	0.22		$	—
Undistributed earnings	1.19			1.40
Basic net income per common share	$	1.41		$	1.40
Diluted net income per common share:
Distributed earnings	$	0.22		$	—
Undistributed earnings	1.18			1.39
Diluted net income per common share	$	1.40		$	1.39



	Nine Months Ended September 30,
	2011			2010
Weighted average number of common shares outstanding:
Basic number of common shares outstanding	41,819,428			43,370,487
Dilutive effect of unvested performance awards	198,578			76,960
Dilutive effect of stock options	33,301			57,987
Diluted number of common shares outstanding	42,051,307			43,505,434
Basic net income per common share:
Net income	$	98,086		$	93,138
Income allocated to participating restricted stock	(447		)	(383		)
Net income available to common shareholders	$	97,639		$	92,755
Diluted net income per common share:
Net income	$	98,086		$	93,138
Income reallocated to participating restricted stock	(445		)	(382		)
Net income available to common shareholders	$	97,641		$	92,756
Basic net income per common share:
Distributed earnings	$	0.44		$	—
Undistributed earnings	1.89			2.14
Basic net income per common share	$	2.33		$	2.14
Diluted net income per common share:
Distributed earnings	$	0.44		$	—
Undistributed earnings	1.88			2.13
Diluted net income per common share	$	2.32		$	2.13



	Twelve Months Ended September 30,
	2011			2010
Weighted average number of common shares outstanding:
Basic number of common shares outstanding	41,969,628			43,523,270
Dilutive effect of unvested performance awards	192,994			85,595
Dilutive effect of stock options	44,390			63,459
Diluted number of common shares outstanding	42,207,012			43,672,324
Basic net income per common share:
Net income	$	105,551		$	101,099
Income allocated to participating restricted stock	(461		)	(405		)
Net income available to common shareholders	$	105,090		$	100,694
Diluted net income per common share:
Net income	$	105,551		$	101,099
Income reallocated to participating restricted stock	(459		)	(404		)
Net income available to common shareholders	$	105,092		$	100,695
Basic net income per common share:
Distributed earnings	$	0.44		$	—
Undistributed earnings	2.06			2.31
Basic net income per common share	$	2.50		$	2.31
Diluted net income per common share:
Distributed earnings	$	0.44		$	—
Undistributed earnings	2.05			2.31
Diluted net income per common share	$	2.49		$	2.31

The amount of restricted stock awards, performance shares and stock options excluded from the calculation of the diluted number of common shares outstanding because their effect was antidilutive is presented below:



	Three Months Ended		Nine Months Ended		Twelve Months Ended
	September 30,		September 30,		September 30,
	2011	2010	2011	2010	2011	2010
Restricted stock awards	90,358	77,959	84,691	74,263	83,091	72,798
Performance shares (a)	—	—	—	32,300	—	24,225
Stock options	—	—	—	—	—	—


(a)	Performance shares excluded from the computation of diluted earnings per share assume a 100% performance level payout,

as no payouts would be required based upon performance at the end of each corresponding period.