Common Stock

Dividend Policy. The Company paid $11.3 million and $10.7 million in quarterly cash dividends during the three months ended September 30, 2014 and 2013, respectively. The Company paid a total of $33.3 million and $43.9 million in quarterly cash dividends during the nine and twelve months ended September 30, 2014, respectively. The Company paid a total of $31.4 million and $41.4 million in quarterly cash dividends during the nine and twelve months ended September 30, 2013, 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,
	2014			2013
Weighted average number of common shares outstanding:
Basic number of common shares outstanding	40,213,741			40,132,250
Dilutive effect of unvested performance awards	51,069			—
Diluted number of common shares outstanding	40,264,810			40,132,250
Basic net income per common share:
Net income	$	52,476		$	50,565
Income allocated to participating restricted stock	(175		)	(150		)
Net income available to common shareholders	$	52,301		$	50,415
Diluted net income per common share:
Net income	$	52,476		$	50,565
Income reallocated to participating restricted stock	(175		)	(150		)
Net income available to common shareholders	$	52,301		$	50,415
Basic net income per common share:
Distributed earnings	$	0.280		$	0.265
Undistributed earnings	1.020			0.995
Basic net income per common share	$	1.300		$	1.260
Diluted net income per common share:
Distributed earnings	$	0.280		$	0.265
Undistributed earnings	1.020			0.995
Diluted net income per common share	$	1.300		$	1.260



	Nine Months Ended September 30,
	2014			2013
Weighted average number of common shares outstanding:
Basic number of common shares outstanding	40,181,367			40,107,555
Dilutive effect of unvested performance awards	27,634			16,071
Diluted number of common shares outstanding	40,209,001			40,123,626
Basic net income per common share:
Net income	$	87,187		$	87,392
Income allocated to participating restricted stock	(293		)	(249		)
Net income available to common shareholders	$	86,894		$	87,143
Diluted net income per common share:
Net income	$	87,187		$	87,392
Income reallocated to participating restricted stock	(293		)	(249		)
Net income available to common shareholders	$	86,894		$	87,143
Basic net income per common share:
Distributed earnings	$	0.825		$	0.780
Undistributed earnings	1.335			1.390
Basic net income per common share	$	2.160		$	2.170
Diluted net income per common share:
Distributed earnings	$	0.825		$	0.780
Undistributed earnings	1.335			1.390
Diluted net income per common share	$	2.160		$	2.170



	Twelve Months Ended September 30,
	2014			2013
Weighted average number of common shares outstanding:
Basic number of common shares outstanding	40,169,801			40,084,525
Dilutive effect of unvested performance awards	20,726			28,122
Dilutive effect of stock options	—			2,274
Diluted number of common shares outstanding	40,190,527			40,114,921
Basic net income per common share:
Net income	$	88,378		$	92,211
Income allocated to participating restricted stock	(285		)	(253		)
Net income available to common shareholders	$	88,093		$	91,958
Diluted net income per common share:
Net income	$	88,378		$	92,211
Income reallocated to participating restricted stock	(285		)	(253		)
Net income available to common shareholders	$	88,093		$	91,958
Basic net income per common share:
Distributed earnings	$	1.09		$	1.03
Undistributed earnings	1.10			1.26
Basic net income per common share	$	2.19		$	2.29
Diluted net income per common share:
Distributed earnings	$	1.09		$	1.03
Undistributed earnings	1.10			1.26
Diluted net income per common share	$	2.19		$	2.29



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,
	2014	2013	2014	2013	2014	2013
Restricted stock awards	59,627	54,224	60,264	49,455	59,296	47,636
Performance shares (a)	48,733	124,997	87,784	111,726	88,575	105,090

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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.