EARNINGS PER SHARE

9 Months Ended

Sep. 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 September 30						Nine months ended September 30
(In thousands except per share data )	2013			2012			2013			2012
Net income available for stockholders:	$	53,760		$	66,040		$	129,252		$	219,055
Less:  Dividends paid		(21,892	)		(17,540	)		(65,923	)		(52,623	)
Undistributed earnings	$	31,868		$	48,500		$	63,329		$	166,432
Basic shares outstanding:
Common stock		210,899			210,627			211,493			210,664
Restricted shares of common stock		4,169			4,524			4,222			4,547
		215,068			215,151			215,715			215,211
Diluted shares outstanding:
Common stock		210,899			210,627			211,493			210,664
Dilutive effect of stock based awards		1,074			1,494			1,147			1,608
		211,973			212,121			212,640			212,272
Restricted shares of common stock		4,169			4,524			4,222			4,547
		216,142			216,645			216,862			216,819

Reported basic EPS of the restricted shares of common stock under the two-class method generated the following reductions - $0.01 for the three months ended September 30, 2013; $0.02 for the three months ended September 30, 2012; $0.04 for the nine months ended September 30, 2013 and $0.06 for the nine months ended September 30. 2012.