Net Income Per Share

3 Months Ended

Mar. 31, 2013

Earnings Per Share [Abstract]

Net Income Per Share

Net Income Per Share

Basic net income per share is calculated as net income divided by the weighted average number of shares outstanding.

For diluted net income per share, net income is divided by the weighted average number of shares outstanding plus the incremental number of shares added as a result of converting common stock equivalents, calculated using the treasury stock method. The Corporation’s common stock equivalents consist of outstanding stock options and restricted stock.

A reconciliation of weighted average shares outstanding used to calculate basic net income per share and diluted net income per share follows:

	Three months ended March 31
	2013	2012
	(in thousands)
Weighted average shares outstanding (basic)	196,299	199,492
Effect of dilutive securities	918	852
Weighted average shares outstanding (diluted)	197,217	200,344

For the three months ended March 31, 2013 and 2012, 3.7 million and 5.2 million shares issuable under stock options, respectively, were excluded from the diluted net income per share computation as their effect would have been anti-dilutive.