Common Stock (Tables)

9 Months Ended

Sep. 30, 2012

Class of Stock Disclosures [Abstract]

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

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


(b)	Shares repurchased does not include 86,735 treasury shares related to employee compensation arrangements outside of the Company's repurchase programs.

Schedule of Earnings Per Share, Basic and Diluted



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,
	2012			2011
Weighted average number of common shares outstanding:
Basic number of common shares outstanding	40,009,866			41,307,632
Dilutive effect of unvested performance awards	71,849			231,230
Dilutive effect of stock options	9,910			26,111
Diluted number of common shares outstanding	40,091,625			41,564,973
Basic net income per common share:
Net income	$	51,789		$	58,321
Income allocated to participating restricted stock	(134		)	(275		)
Net income available to common shareholders	$	51,655		$	58,046
Diluted net income per common share:
Net income	$	51,789		$	58,321
Income reallocated to participating restricted stock	(134		)	(273		)
Net income available to common shareholders	$	51,655		$	58,048
Basic net income per common share:
Distributed earnings	$	0.25		$	0.22
Undistributed earnings	1.04			1.19
Basic net income per common share	$	1.29		$	1.41
Diluted net income per common share:
Distributed earnings	$	0.25		$	0.22
Undistributed earnings	1.04			1.18
Diluted net income per common share	$	1.29		$	1.40




	Nine Months Ended September 30,
	2012			2011
Weighted average number of common shares outstanding:
Basic number of common shares outstanding	39,959,866			41,819,428
Dilutive effect of unvested performance awards	67,583			198,578
Dilutive effect of stock options	16,705			33,301
Diluted number of common shares outstanding	40,044,154			42,051,307
Basic net income per common share:
Net income	$	86,027		$	98,086
Income allocated to participating restricted stock	(257		)	(447		)
Net income available to common shareholders	$	85,770		$	97,639
Diluted net income per common share:
Net income	$	86,027		$	98,086
Income reallocated to participating restricted stock	(257		)	(445		)
Net income available to common shareholders	$	85,770		$	97,641
Basic net income per common share:
Distributed earnings	$	0.72		$	0.44
Undistributed earnings	1.43			1.89
Basic net income per common share	$	2.15		$	2.33
Diluted net income per common share:
Distributed earnings	$	0.72		$	0.44
Undistributed earnings	1.42			1.88
Diluted net income per common share	$	2.14		$	2.32




	Twelve Months Ended September 30,
	2012			2011
Weighted average number of common shares outstanding:
Basic number of common shares outstanding	39,959,034			41,969,628
Dilutive effect of unvested performance awards	108,411			192,994
Dilutive effect of stock options	18,071			44,390
Diluted number of common shares outstanding	40,085,516			42,207,012
Basic net income per common share:
Net income	$	91,480		$	105,551
Income allocated to participating restricted stock	(304		)	(461		)
Net income available to common shareholders	$	91,176		$	105,090
Diluted net income per common share:
Net income	$	91,480		$	105,551
Income reallocated to participating restricted stock	(304		)	(459		)
Net income available to common shareholders	$	91,176		$	105,092
Basic net income per common share:
Distributed earnings	$	0.94		$	0.44
Undistributed earnings	1.34			2.06
Basic net income per common share	$	2.28		$	2.50
Diluted net income per common share:
Distributed earnings	$	0.94		$	0.44
Undistributed earnings	1.33			2.05
Diluted net income per common share	$	2.27		$	2.49

Schedule of Antidilutive Securities Excluded From Computation Of Earnings Per Share



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,
	2012	2011	2012	2011	2012	2011
Restricted stock awards	46,632	90,358	46,178	84,691	52,768	83,091
Performance shares (a)	51,133	—	48,439	—	36,329	—
Stock options	—	—	—	—	—	—

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(a)	Performance shares 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.

- Definition

Tabular disclosure of an entity's treasury stock, including the average cost per share, carrying basis for each class of treasury stock, description of share repurchase program authorized by an entity's board of directors, the number of shares repurchased, the cost of the shares repurchased, the remaining maximum dollar value of shares available for repurchase under the program, the treatment of the purchase price in excess of the current market value, number of shares held for each class of treasury stock, and other information necessary to a fair presentation.

+ References+ Details

Since 1999
(a)

Authorized
Shares

Shares repurchased (b)

Cost, including commission (in thousands)

Total remaining shares available for repurchase at September 30, 2012