Earnings Per Share

9 Months Ended

Sep. 30, 2012

Earnings Per Share

3. Earnings Per Share

The following table sets forth the computation of basic and diluted income per common share for the periods presented.

	Three Months Ended September 30,
	2012		2011
(In thousands, except per share data)
Numerator:
Net income	$	39,791	$	41,777
Denominator:
Basic common shares outstanding		96,360		99,020
Effect of dilutive securities:
Stock options and unvested restricted stock		989		1,010
Diluted common shares outstanding		97,349		100,030
Basic income per common share	$	0.41	$	0.42
Diluted income per common share	$	0.41	$	0.42

	Nine Months Ended September 30,
	2012		2011
(In thousands, except per share data)
Numerator:
Net income	$	102,789	$	118,562
Denominator:
Basic common shares outstanding		96,408		99,945
Effect of dilutive securities:
Stock options and unvested restricted stock		1,112		1,085
Diluted common shares outstanding		97,520		101,030
Basic income per common share	$	1.07	$	1.19
Diluted income per common share	$	1.05	$	1.17

Options to purchase 0.2 million shares for the three-month period ended September 30, 2011 were not included in the computation of diluted shares outstanding as their exercise price exceeded the average market price of the Company’s common stock for the respective reporting period. All outstanding options to purchase shares for the remaining periods presented were included in the computation of diluted common shares outstanding.