Common Stock

9 Months Ended

Sep. 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 September 30, 2015 and 2014, respectively. The Company paid a total of $35.1 million and $46.4 million in quarterly cash dividends during the nine and twelve months ended September 30, 2015, 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.

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,
	2015			2014
Weighted average number of common shares outstanding:
Basic number of common shares outstanding	40,289,010			40,213,741
Dilutive effect of unvested performance awards	40,519			51,069
Diluted number of common shares outstanding	40,329,529			40,264,810
Basic net income per common share:
Net income	$	56,740		$	52,476
Income allocated to participating restricted stock	(184		)	(175		)
Net income available to common shareholders	$	56,556		$	52,301
Diluted net income per common share:
Net income	$	56,740		$	52,476
Income reallocated to participating restricted stock	(184		)	(175		)
Net income available to common shareholders	$	56,556		$	52,301
Basic net income per common share:
Distributed earnings	$	0.295		$	0.280
Undistributed earnings	1.105			1.020
Basic net income per common share	$	1.400		$	1.300
Diluted net income per common share:
Distributed earnings	$	0.295		$	0.280
Undistributed earnings	1.105			1.020
Diluted net income per common share	$	1.400		$	1.300

	Nine Months Ended September 30,
	2015			2014
Weighted average number of common shares outstanding:
Basic number of common shares outstanding	40,267,533			40,181,367
Dilutive effect of unvested performance awards	32,268			27,634
Diluted number of common shares outstanding	40,299,801			40,209,001
Basic net income per common share:
Net income	$	81,270		$	87,187
Income allocated to participating restricted stock	(253		)	(293		)
Net income available to common shareholders	$	81,017		$	86,894
Diluted net income per common share:
Net income	$	81,270		$	87,187
Income reallocated to participating restricted stock	(253		)	(293		)
Net income available to common shareholders	$	81,017		$	86,894
Basic net income per common share:
Distributed earnings	$	0.870		$	0.825
Undistributed earnings	1.140			1.335
Basic net income per common share	$	2.010		$	2.160
Diluted net income per common share:
Distributed earnings	$	0.870		$	0.825
Undistributed earnings	1.140			1.335
Diluted net income per common share	$	2.010		$	2.160

	Twelve Months Ended September 30,
	2015			2014
Weighted average number of common shares outstanding:
Basic number of common shares outstanding	40,255,439			40,169,801
Dilutive effect of unvested performance awards	24,201			20,726
Diluted number of common shares outstanding	40,279,640			40,190,527
Basic net income per common share:
Net income	$	85,511		$	88,378
Income allocated to participating restricted stock	(265		)	(285		)
Net income available to common shareholders	$	85,246		$	88,093
Diluted net income per common share:
Net income	$	85,511		$	88,378
Income reallocated to participating restricted stock	(265		)	(285		)
Net income available to common shareholders	$	85,246		$	88,093
Basic net income per common share:
Distributed earnings	$	1.15		$	1.09
Undistributed earnings	0.97			1.10
Basic net income per common share	$	2.12		$	2.19
Diluted net income per common share:
Distributed earnings	$	1.15		$	1.09
Undistributed earnings	0.97			1.10
Diluted net income per common share	$	2.12		$	2.19

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,
	2015	2014	2015	2014	2015	2014
Restricted stock awards	65,076	59,627	60,647	60,264	60,742	59,296
Performance shares (a)	59,898	48,733	59,898	87,784	63,111	88,575

(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.