Common Stock

Repurchase Program. No shares of common stock were repurchased during the three months ended March 31, 2013 and 2012.

Dividend Policy. The Company paid $10.1 million and $8.8 million in quarterly cash dividends during the three months ended March 31, 2013 and 2012, respectively. The Company paid a total of $40.1 million and $36.0 million in quarterly cash dividends during the twelve months ended March 31, 2013 and 2012, respectively.



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,
	2013			2012			2013			2012
Weighted average number of common shares outstanding:
Basic number of common shares outstanding	40,078,061			39,911,032			40,015,380			40,756,509
Dilutive effect of unvested performance awards	—			66,201			50,206			180,851
Dilutive effect of stock options	—			22,276			9,234			24,647
Diluted number of common shares outstanding	40,078,061			39,999,509			40,074,820			40,962,007
Basic net income per common share:
Net income	$	7,634		$	3,344		$	95,136		$	100,108
Income allocated to participating restricted stock	(26		)	(24		)	(248		)	(440		)
Net income available to common shareholders	$	7,608		$	3,320		$	94,888		$	99,668
Diluted net income per common share:
Net income	$	7,634		$	3,344		$	95,136		$	100,108
Income reallocated to participating restricted stock	(26		)	(24		)	(247		)	(439		)
Net income available to common shareholders	$	7,608		$	3,320		$	94,889		$	99,669
Basic net income per common share:
Distributed earnings	$	0.25		$	0.22		$	1.00		$	0.88
Undistributed earnings	(0.06		)	(0.14		)	1.37			1.57
Basic net income per common share	$	0.19		$	0.08		$	2.37		$	2.45
Diluted net income per common share:
Distributed earnings	$	0.25		$	0.22		$	1.00		$	0.88
Undistributed earnings	(0.06		)	(0.14		)	1.37			1.55
Diluted net income per common share	$	0.19		$	0.08		$	2.37		$	2.43



The amount of restricted stock awards and performance shares at 100% performance level 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,
	2013	2012	2013	2012
Restricted stock awards	56,101	59,800	44,253	73,084
Performance shares (a)	124,997	—	78,112	—

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(a)	Certain performance shares were excluded from the computation of diluted earnings per share for the three and twelve months ended March 31, 2013 as no payouts would have been required based upon performance at the end of the corresponding period.