Common Stock

6 Months Ended

Jun. 30, 2015

Common Stock, Number of Shares, Par Value and Other Disclosures [Abstract]

Shareholders' Equity and Share-based Payments, Including Earnings Per Share Information

Common Stock

Dividends. The Company paid $11.9 million and $11.3 million in quarterly cash dividends during the three months ended June 30, 2015 and 2014, respectively. The Company paid a total of $23.2 million and $45.8 million in quarterly cash dividends during the six and twelve months ended June 30, 2015, 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. On July 23, 2015, the Board of Directors declared a quarterly cash dividend of $0.295 per share payable on September 30, 2015 to shareholders of record as of September 16, 2015.

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,
	2015			2014
Weighted average number of common shares outstanding:
Basic number of common shares outstanding	40,269,885			40,180,569
Dilutive effect of unvested performance awards	32,809			31,834
Diluted number of common shares outstanding	40,302,694			40,212,403
Basic net income per common share:
Net income	$	21,072		$	30,096
Income allocated to participating restricted stock	(65		)	(103		)
Net income available to common shareholders	$	21,007		$	29,993
Diluted net income per common share:
Net income	$	21,072		$	30,096
Income reallocated to participating restricted stock	(65		)	(103		)
Net income available to common shareholders	$	21,007		$	29,993
Basic net income per common share:
Distributed earnings	$	0.295		$	0.280
Undistributed earnings	0.225			0.470
Basic net income per common share	$	0.520		$	0.750
Diluted net income per common share:
Distributed earnings	$	0.295		$	0.280
Undistributed earnings	0.225			0.470
Diluted net income per common share	$	0.520		$	0.750

	Six Months Ended June 30,
	2015			2014
Weighted average number of common shares outstanding:
Basic number of common shares outstanding	40,256,615			40,164,913
Dilutive effect of unvested performance awards	28,142			15,917
Diluted number of common shares outstanding	40,284,757			40,180,830
Basic net income per common share:
Net income	$	24,530		$	34,711
Income allocated to participating restricted stock	(71		)	(115		)
Net income available to common shareholders	$	24,459		$	34,596
Diluted net income per common share:
Net income	$	24,530		$	34,711
Income reallocated to participating restricted stock	(71		)	(115		)
Net income available to common shareholders	$	24,459		$	34,596
Basic net income per common share:
Distributed earnings	$	0.575		$	0.545
Undistributed earnings	0.035			0.315
Basic net income per common share	$	0.610		$	0.860
Diluted net income per common share:
Distributed earnings	$	0.575		$	0.545
Undistributed earnings	0.035			0.315
Diluted net income per common share	$	0.610		$	0.860

	Twelve Months Ended June 30,
	2015			2014
Weighted average number of common shares outstanding:
Basic number of common shares outstanding	40,236,466			40,149,261
Dilutive effect of unvested performance awards	26,838			7,959
Diluted number of common shares outstanding	40,263,304			40,157,220
Basic net income per common share:
Net income	$	81,247		$	86,467
Income allocated to participating restricted stock	(253		)	(273		)
Net income available to common shareholders	$	80,994		$	86,194
Diluted net income per common share:
Net income	$	81,247		$	86,467
Income reallocated to participating restricted stock	(253		)	(273		)
Net income available to common shareholders	$	80,994		$	86,194
Basic net income per common share:
Distributed earnings	$	1.135		$	1.075
Undistributed earnings	0.875			1.075
Basic net income per common share	$	2.010		$	2.150
Diluted net income per common share:
Distributed earnings	$	1.135		$	1.075
Undistributed earnings	0.875			1.075
Diluted net income per common share	$	2.010		$	2.150

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,
	2015	2014	2015	2014	2015	2014
Restricted stock awards	48,669	41,753	58,432	60,583	59,380	57,945
Performance shares (a)	59,898	86,110	59,898	107,309	48,136	99,128

(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.