EARNINGS PER SHARE

6 Months Ended

Jun. 30, 2013

EARNINGS PER SHARE

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 is as follows:

	Three months ended June 30						Six months ended June 30
(In thousands except per share data )	2013			2012			2013			2012
Net income available for stockholders:	$	40,416		$	72,260		$	75,492		$	153,015
Less:  Dividends paid		(22,015	)		(17,512	)		(44,030	)		(35,083	)
Undistributed earnings	$	18,401		$	54,748		$	31,462		$	117,932
Basic shares outstanding:
Common stock		211,707			210,331			211,790			210,683
Restricted shares of common stock		4,176			4,562			4,249			4,558
		215,883			214,893			216,039			215,241
Diluted shares outstanding:
Common stock		211,707			210,331			211,790			210,683
Dilutive effect of stock based awards		812			1,234			1,151			1,539
		212,519			211,565			212,941			212,222
Restricted shares of common stock		4,176			4,562			4,249			4,558
		216,695			216,127			217,190			216,780

Reported basic EPS of the restricted shares of common stock under the two-class method generated the following reductions - $0.02 for the three months ended June 30, 2013 and 2012, and $0.03 for the six months ended June 30, 2013 and $0.04 for the six months ended June 30, 2012.