Common Stock

Dividend Policy. The Company paid $11.3 million and $10.7 million in quarterly cash dividends during the three months ended June 30, 2014 and 2013, respectively. The Company paid a total of $22.0 million and $43.3 million in quarterly cash dividends during the six and twelve months ended June 30, 2014, respectively. The Company paid a total of $20.7 million and $40.8 million in quarterly cash dividends during the six and twelve months ended June 30, 2013, respectively. On July 24, 2014, the Board of Directors declared a quarterly cash dividend of $0.28 per share payable on September 30, 2014 to shareholders of record on September 15, 2014.



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 June 30,
	2014			2013
Weighted average number of common shares outstanding:
Basic number of common shares outstanding	40,180,569			40,111,757
Dilutive effect of unvested performance awards	31,834			48,213
Diluted number of common shares outstanding	40,212,403			40,159,970
Basic net income per common share:
Net income	$	30,096		$	29,193
Income allocated to participating restricted stock	(103		)	(85		)
Net income available to common shareholders	$	29,993		$	29,108
Diluted net income per common share:
Net income	$	30,096		$	29,193
Income reallocated to participating restricted stock	(103		)	(84		)
Net income available to common shareholders	$	29,993		$	29,109
Basic net income per common share:
Distributed earnings	$	0.280		$	0.265
Undistributed earnings	0.470			0.465
Basic net income per common share	$	0.750		$	0.730
Diluted net income per common share:
Distributed earnings	$	0.280		$	0.265
Undistributed earnings	0.470			0.455
Diluted net income per common share	$	0.750		$	0.720



	Six Months Ended June 30,
	2014			2013
Weighted average number of common shares outstanding:
Basic number of common shares outstanding	40,164,913			40,095,002
Dilutive effect of unvested performance awards	15,917			24,107
Diluted number of common shares outstanding	40,180,830			40,119,109
Basic net income per common share:
Net income	$	34,711		$	36,827
Income allocated to participating restricted stock	(115		)	(102		)
Net income available to common shareholders	$	34,596		$	36,725
Diluted net income per common share:
Net income	$	34,711		$	36,827
Income reallocated to participating restricted stock	(115		)	(102		)
Net income available to common shareholders	$	34,596		$	36,725
Basic net income per common share:
Distributed earnings	$	0.545		$	0.515
Undistributed earnings	0.315			0.405
Basic net income per common share	$	0.860		$	0.920
Diluted net income per common share:
Distributed earnings	$	0.545		$	0.515
Undistributed earnings	0.315			0.405
Diluted net income per common share	$	0.860		$	0.920



	Twelve Months Ended June 30,
	2014			2013
Weighted average number of common shares outstanding:
Basic number of common shares outstanding	40,149,261			40,053,677
Dilutive effect of unvested performance awards	7,959			46,084
Dilutive effect of stock options	—			4,752
Diluted number of common shares outstanding	40,157,220			40,104,513
Basic net income per common share:
Net income	$	86,467		$	93,435
Income allocated to participating restricted stock	(273		)	(248		)
Net income available to common shareholders	$	86,194		$	93,187
Diluted net income per common share:
Net income	$	86,467		$	93,435
Income reallocated to participating restricted stock	(273		)	(248		)
Net income available to common shareholders	$	86,194		$	93,187
Basic net income per common share:
Distributed earnings	$	1.075		$	1.015
Undistributed earnings	1.075			1.315
Basic net income per common share	$	2.150		$	2.330
Diluted net income per common share:
Distributed earnings	$	1.075		$	1.015
Undistributed earnings	1.075			1.305
Diluted net income per common share	$	2.150		$	2.320



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		Six Months Ended		Twelve Months Ended
	June 30,		June 30,		June 30,
	2014	2013	2014	2013	2014	2013
Restricted stock awards	41,753	38,040	60,583	47,071	57,945	45,738
Performance shares (a)	86,110	85,183	107,309	105,090	99,128	86,624

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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 each corresponding period.