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Earnings Per Share ("EPS")
 9 Months Ended
Sep. 30, 2013
Earnings Per Share [Abstract]  
Earnings Per Share

NOTE 26 –  Earnings Per Share (“EPS”)

Basic EPS is computed by dividing earnings available to common shareholders by the weighted-average number of common shares outstanding. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the entity. Diluted earnings per share include dilutive stock options and stock units under the treasury stock method.

The following table sets forth the computation of basic and diluted earnings per share for the three and nine months ended September 30, 2013 and 2012 (in thousands, except per share data):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended September 30,

 

Nine Months Ended September 30,

 

2013

 

2012

 

2013

 

2012

 

 

 

 

 

 

 

 

 

 

 

 

Net income from continuing operations

 
74,929 

 

 
37,434 

 

 
120,782 

 

 
102,012 

Net income/(loss) from discontinued operations

 
(5,239)

 

 
276 

 

 
(7,037)

 

 
(3,393)

Net income

$
69,690 

 

$
37,710 

 

$
113,745 

 

$
98,619 

Shares for basic and diluted calculations:

 

 

 

 

 

 

 

 

 

 

 

Average shares used in basic computation

 
64,706 

 

 
53,601 

 

 
63,133 

 

 
53,471 

Dilutive effect of stock options and units

 
10,485 

 

 
9,453 

 

 
9,718 

 

 
9,346 

Average shares used in diluted computation:

 
75,191 

 

 
63,054 

 

 
72,851 

 

 
62,817 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per basic common share

 

 

 

 

 

 

 

 

 

 

 

Income from continuing operations

$
1.16 

 

$
0.70 

 

$
1.91 

 

$
1.91 

Income/(loss) from discontinued operations

 
(0.08)

 

 

 -

 

 
(0.11)

 

 
(0.07)

Earnings per basic common share

$
1.08 

 

$
0.70 

 

$
1.80 

 

$
1.84 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per diluted common share

 

 

 

 

 

 

 

 

 

 

 

Income from continuing operations

$
1.00 

 

$
0.60 

 

$
1.66 

 

$
1.62 

Income/(loss) from discontinued operations

 
(0.07)

 

 

 -

 

 
(0.10)

 

 
(0.05)

Earnings per diluted common share

$
0.93 

 

$
0.60 

 

$
1.56 

 

$
1.57 

(1)Diluted earnings per share is computed on the basis of the weighted average number of shares of common stock plus the effect of dilutive potential common shares outstanding during the period using the treasury stock method. Diluted earnings per share include stock options and units.

For the three and nine months ended September 30, 2013 and 2012, the anti-dilutive effect from restricted stock units was immaterial.