Common Stock

3 Months Ended

Mar. 31, 2012

Class of Stock Disclosures [Abstract]

Shareholders' Equity and Share-based Payments, Including Earnings Per Share Information

Common Stock

Repurchase Program. No shares of common stocks were repurchased during the first quarter of 2012. Details regarding the Company’s stock repurchase program are presented below:

	Since 1999 (a)		Authorized Shares
Shares repurchased	25,406,184
Cost, including commission (in thousands)	$	423,647
Total remaining shares available for repurchase at March 31, 2012			393,816

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

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 March 30, 2012, the Company paid $8.8 million of quarterly dividends to shareholders.

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 March 31,						Twelve Months Ended March 31,
	2012			2011			2012			2011
Weighted average number of common shares outstanding:
Basic number of common shares outstanding	39,911,032			42,308,097			40,756,509			42,776,922
Dilutive effect of unvested performance awards	66,201			169,426			180,851			126,051
Dilutive effect of stock options	22,276			45,762			24,647			61,217
Diluted number of common shares outstanding	39,999,509			42,523,285			40,962,007			42,964,190
Basic net income per common share:
Net income	$	3,344		$	6,775		$	100,108		$	95,929
Income allocated to participating restricted stock	(24		)	(28		)	(440		)	(391		)
Net income available to common shareholders	$	3,320		$	6,747		$	99,668		$	95,538
Diluted net income per common share:
Net income	$	3,344		$	6,775		$	100,108		$	95,929
Income reallocated to participating restricted stock	(24		)	(28		)	(439		)	(390		)
Net income available to common shareholders	$	3,320		$	6,747		$	99,669		$	95,539
Basic net income per common share:
Distributed earnings	$	0.22		$	—		$	0.88		$	—
Undistributed earnings	(0.14		)	0.16			1.57			2.23
Basic net income per common share	$	0.08		$	0.16		$	2.45		$	2.23
Diluted net income per common share:
Distributed earnings	$	0.22		$	—		$	0.88		$	—
Undistributed earnings	(0.14		)	0.16			1.55			2.22
Diluted net income per common share	$	0.08		$	0.16		$	2.43		$	2.22

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		Twelve Months Ended
	March 31,		March 31,
	2012	2011	2012	2011
Restricted stock awards	59,800	94,076	73,084	78,792
Performance shares (a)	—	—	—	24,225
Stock options	—	—	—	—

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(a) Performance shares were excluded from the computation of diluted earnings per share, as no payouts would have been required based upon performance at the end of the corresponding period. This amount assumes a 100% performance level payout.