Common Stock

Repurchase Program. No shares of common stock were repurchased during the nine months ended September 30, 2013 and 2012.

Dividend Policy. The Company paid $10.7 million and $10.0 million in quarterly cash dividends during the three months ended September 30, 2013 and 2012, respectively. The Company paid a total of $31.4 million and $41.4 million in cash dividends during the nine and twelve months ended September 30, 2013, respectively. The Company paid a total of $28.9 million and $37.7 million in cash dividends during the nine and twelve months ended September 30, 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 September 30,
	2013			2012
Weighted average number of common shares outstanding:
Basic number of common shares outstanding	40,132,250			40,009,866
Dilutive effect of unvested performance awards	—			71,849
Dilutive effect of stock options	—			9,910
Diluted number of common shares outstanding	40,132,250			40,091,625
Basic net income per common share:
Net income	$	50,565		$	51,789
Income allocated to participating restricted stock	(150		)	(134		)
Net income available to common shareholders	$	50,415		$	51,655
Diluted net income per common share:
Net income	$	50,565		$	51,789
Income reallocated to participating restricted stock	(150		)	(134		)
Net income available to common shareholders	$	50,415		$	51,655
Basic net income per common share:
Distributed earnings	$	0.265		$	0.25
Undistributed earnings	0.995			1.04
Basic net income per common share	$	1.260		$	1.29
Diluted net income per common share:
Distributed earnings	$	0.265		$	0.25
Undistributed earnings	0.995			1.04
Diluted net income per common share	$	1.260		$	1.29



	Nine Months Ended September 30,
	2013			2012
Weighted average number of common shares outstanding:
Basic number of common shares outstanding	40,107,555			39,959,866
Dilutive effect of unvested performance awards	16,071			67,583
Dilutive effect of stock options	—			16,705
Diluted number of common shares outstanding	40,123,626			40,044,154
Basic net income per common share:
Net income	$	87,392		$	86,027
Income allocated to participating restricted stock	(249		)	(257		)
Net income available to common shareholders	$	87,143		$	85,770
Diluted net income per common share:
Net income	$	87,392		$	86,027
Income reallocated to participating restricted stock	(249		)	(257		)
Net income available to common shareholders	$	87,143		$	85,770
Basic net income per common share:
Distributed earnings	$	0.78		$	0.72
Undistributed earnings	1.39			1.43
Basic net income per common share	$	2.17		$	2.15
Diluted net income per common share:
Distributed earnings	$	0.78		$	0.72
Undistributed earnings	1.39			1.42
Diluted net income per common share	$	2.17		$	2.14



	Twelve Months Ended September 30,
	2013			2012
Weighted average number of common shares outstanding:
Basic number of common shares outstanding	40,084,525			39,959,034
Dilutive effect of unvested performance awards	28,122			108,411
Dilutive effect of stock options	2,274			18,071
Diluted number of common shares outstanding	40,114,921			40,085,516
Basic net income per common share:
Net income	$	92,211		$	91,480
Income allocated to participating restricted stock	(253		)	(304		)
Net income available to common shareholders	$	91,958		$	91,176
Diluted net income per common share:
Net income	$	92,211		$	91,480
Income reallocated to participating restricted stock	(253		)	(304		)
Net income available to common shareholders	$	91,958		$	91,176
Basic net income per common share:
Distributed earnings	$	1.03		$	0.94
Undistributed earnings	1.26			1.34
Basic net income per common share	$	2.29		$	2.28
Diluted net income per common share:
Distributed earnings	$	1.03		$	0.94
Undistributed earnings	1.26			1.33
Diluted net income per common share	$	2.29		$	2.27



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		Nine Months Ended		Twelve Months Ended
	September 30,		September 30,		September 30,
	2013	2012	2013	2012	2013	2012
Restricted stock awards	54,224	46,632	49,455	46,178	47,636	52,768
Performance shares (a)	124,997	51,133	111,726	48,439	105,090	36,329

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(a)	Certain 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 periods.