Common Stock

9 Months Ended

Sep. 30, 2016

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 $12.5 million and $11.9 million in quarterly cash dividends during the three months ended September 30, 2016 and 2015, respectively. The Company paid a total of $37.0 million and $49.0 million in quarterly cash dividends during the nine and twelve months ended September 30, 2016, 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.

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,
	2016			2015
Weighted average number of common shares outstanding:
Basic number of common shares outstanding	40,363,819			40,289,010
Dilutive effect of unvested performance awards	62,123			40,519
Diluted number of common shares outstanding	40,425,942			40,329,529
Basic net income per common share:
Net income	$	74,636		$	56,740
Income allocated to participating restricted stock	(232		)	(184		)
Net income available to common shareholders	$	74,404		$	56,556
Diluted net income per common share:
Net income	$	74,636		$	56,740
Income reallocated to participating restricted stock	(232		)	(184		)
Net income available to common shareholders	$	74,404		$	56,556
Basic net income per common share:
Distributed earnings	$	0.310		$	0.295
Undistributed earnings	1.530			1.105
Basic net income per common share	$	1.840		$	1.400
Diluted net income per common share:
Distributed earnings	$	0.310		$	0.295
Undistributed earnings	1.530			1.105
Diluted net income per common share	$	1.840		$	1.400

	Nine Months Ended September 30,
	2016			2015
Weighted average number of common shares outstanding:
Basic number of common shares outstanding	40,344,834			40,267,533
Dilutive effect of unvested performance awards	50,977			32,268
Diluted number of common shares outstanding	40,395,811			40,299,801
Basic net income per common share:
Net income	$	91,112		$	81,270
Income allocated to participating restricted stock	(271		)	(253		)
Net income available to common shareholders	$	90,841		$	81,017
Diluted net income per common share:
Net income	$	91,112		$	81,270
Income reallocated to participating restricted stock	(271		)	(253		)
Net income available to common shareholders	$	90,841		$	81,017
Basic net income per common share:
Distributed earnings	$	0.915		$	0.870
Undistributed earnings	1.335			1.140
Basic net income per common share	$	2.250		$	2.010
Diluted net income per common share:
Distributed earnings	$	0.915		$	0.870
Undistributed earnings	1.335			1.140
Diluted net income per common share	$	2.250		$	2.010

	Twelve Months Ended September 30,
	2016			2015
Weighted average number of common shares outstanding:
Basic number of common shares outstanding	40,332,835			40,255,439
Dilutive effect of unvested performance awards	47,608			24,201
Diluted number of common shares outstanding	40,380,443			40,279,640
Basic net income per common share:
Net income	$	91,760		$	85,511
Income allocated to participating restricted stock	(264		)	(265		)
Net income available to common shareholders	$	91,496		$	85,246
Diluted net income per common share:
Net income	$	91,760		$	85,511
Income reallocated to participating restricted stock	(264		)	(265		)
Net income available to common shareholders	$	91,496		$	85,246
Basic net income per common share:
Distributed earnings	$	1.21		$	1.15
Undistributed earnings	1.06			0.97
Basic net income per common share	$	2.27		$	2.12
Diluted net income per common share:
Distributed earnings	$	1.21		$	1.15
Undistributed earnings	1.06			0.97
Diluted net income per common share	$	2.27		$	2.12

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,
	2016	2015	2016	2015	2016	2015
Restricted stock awards	57,633	65,076	53,285	60,647	50,854	60,742
Performance shares (a)	62,995	59,898	62,995	59,898	62,995	63,111

(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.