EARNINGS PER SHARE

9 Months Ended

Sep. 30, 2011

EARNINGS PER SHARE

4. EARNINGS PER SHARE

Basic and diluted earnings per share are computed by dividing net income by the weighted average number of shares outstanding during the respective periods.  The basic and diluted calculations differ as a result of the dilutive effect of stock options and time lapse restricted shares included in diluted earnings per share, but excluded from basic earnings per share. In addition, the Company has periodically issued share-based payment awards that contain non-forfeitable rights to dividends and are therefore considered participating securities.

A reconciliation of weighted average shares outstanding along with the earnings per share attributable to restricted shares of common stock (participating securities) is as follows:

	Three months ended September 30,						Nine months ended  September 30,
(In thousands except per share data)	2011			2010			2011			2010
Net income available for stockholders:	$	83,111		$	46,269		$	221,800		$	91,271
Less:  Dividends paid
Common stock		(11,516	)		(5,802	)		(31,948	)		(13,532	)
Restricted shares of common stock		(199	)		(97	)		(553	)		(234	)
Undistributed earnings	$	71,396		$	40,370		$	189,299		$	77,505
Allocation of undistributed earnings:
Common stock	$	69,947		$	39,540		$	185,456		$	75,911
Restricted shares of common stock		1,449			830			3,843			1,594
Basic shares outstanding:
Common stock		142,261			142,007			142,127			141,795
Restricted shares of common stock		3,013			3,054			3,041			3,155
		145,274			145,061			145,168			144,950
Diluted shares outstanding:
Common stock		142,261			142,007			142,127			141,795
Dilutive effect of options		1,592			1,696			1,787			1,512
		143,853			143,703			143,914			143,307
Restricted shares of common stock		3,013			3,054			3,041			3,155
		146,866			146,757			146,955			146,462
Basic earnings per share:
Common stock:
Distributed earnings	$	0.08		$	0.04		$	0.22		$	0.09
Undistributed earnings		0.49			0.28			1.31			0.54
	$	0.57		$	0.32		$	1.53		$	0.63
Restricted shares of common stock:
Distributed earnings	$	0.07		$	0.03		$	0.18		$	0.07
Undistributed earnings		0.48			0.27			1.26			0.51
	$	0.55		$	0.30		$	1.44		$	0.58
Diluted earnings per share:
Common Stock:
Distributed earnings	$	0.08		$	0.04		$	0.22		$	0.09
Undistributed earnings		0.49			0.28			1.29			0.53
	$	0.57		$	0.32		$	1.51		$	0.62