Earnings Per Share

12 Months Ended

Dec. 31, 2013

Earnings Per Share [Abstract]

Earnings Per Share

Earnings Per Share

The following table sets forth the computation of basic and diluted earnings per share from continuing operations for the years ended December 31 (in thousands except per share amounts):

	2013		2012		2011
Numerator:
Income from continuing operations used in computing basic and diluted earnings per share	$	733,993	$	623,925	$	548,078
Denominator:
Denominator for basic earnings per share-weighted-average common shares	222,475		227,119		232,889
Effect of dilutive securities – employee stock compensation plan	1,596		2,110		2,029
Denominator for diluted earnings per share- adjusted weighted-average shares outstanding	224,071		229,229		234,918
Earnings per common share from continuing operations:
Basic	$	3.30	$	2.75	$	2.35
Diluted	$	3.28	$	2.72	$	2.33

Options to purchase 0.9 million, 2.1 million and 3.8 million weighted-average shares of common stock outstanding during 2013, 2012 and 2011, respectively, were not included in the Company’s computation of dilutive securities because the exercise price was greater than the market price and therefore the effect would have been anti-dilutive.

The Company has a share-based compensation plan under which employees may be granted share-based awards including shares of restricted stock and restricted stock units (RSUs). Non-forfeitable dividends are paid on unvested shares of restricted stock and non-forfeitable dividend equivalents are paid on unvested RSUs. As such, shares of restricted stock and RSUs are considered participating securities under the two-class method of calculating earnings per share as described in ASC Topic 260, “Earnings per Share.” The two-class method of calculating earnings per share did not have a material impact on the Company’s earnings per share calculation as of December 31, 2013, 2012 and 2011.