EARNINGS PER SHARE

3 Months Ended

Mar. 31, 2012

Earnings Per Share [Abstract]

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 March 31,
(In thousands except per share data )	2012			2011
Net income available for stockholders:	$	80,755		$	65,524
Less: Dividends paid
Common stock		(17,245	)		(10,171	)
Restricted shares of common stock		(326	)		(183	)
Undistributed earnings	$	63,184		$	55,170
Allocation of undistributed earnings:
Common stock	$	61,864		$	54,012
Restricted shares of common stock		1,320			1,158
Basic shares outstanding:
Common stock		211,079			212,912
Restricted shares of common stock		4,541			4,610
		215,620			217,522
Diluted shares outstanding:
Common stock		211,079			212,912
Dilutive effect of options		1,730			3,022
		212,809			215,934
Restricted shares of common stock		4,541			4,610
		217,350			220,544
Basic earnings per share:
Common stock:
Distributed earnings	$	0.08		$	0.05
Undistributed earnings		0.29			0.25
	$	0.37		$	0.30
Restricted shares of common stock:
Distributed earnings	$	0.07		$	0.04
Undistributed earnings		0.29			0.25
	$	0.36		$	0.29
Diluted earnings per share:
Common Stock:
Distributed earnings	$	0.08		$	0.05
Undistributed earnings		0.29			0.25
	$	0.37		$	0.30