Earnings Per Share

6 Months Ended

Jun. 30, 2011

Earnings Per Share

Earnings Per Share

NOTE 4 – EARNINGS PER SHARE

Information related to the calculation of earnings per share follows:

	Income (Numerator)		Weighted Shares (Denominator)		Per-Share Amount
	(In thousands except per share amounts)
For the three months ended June 30, 2011:
Basic earnings per common share	$	49,819		47,655	$	1.05
Effect of dilutive stock options, restricted stock and stock appreciation rights (SARs)		0		328		(0.01	)
Diluted earnings per common share	$	49,819		47,983	$	1.04
For the three months ended June 30, 2010:
Basic earnings per common share	$	32,175		47,171	$	0.68
Effect of dilutive stock options, restricted stock and SARs		0		485		0.00
Diluted earnings per common share	$	32,175		47,656	$	0.68

The following table shows the number of stock options and SARs (and their average exercise price) excluded because their option exercise prices were greater than the average market price of our common stock:

	Three Months Ended June 30,
	2011		2010
Stock options and SARs		49,000		233,401
Average Exercise Price	$	67.83	$	53.12

	Income (Numerator)		Weighted Shares (Denominator)		Per-Share Amount
	(In thousands except per share amounts)
For the six months ended June 30, 2011:
Basic earnings per common share	$	90,846		47,620	$	1.91
Effect of dilutive stock options, restricted stock and SARs		0		324		(0.02	)
Diluted earnings per common share	$	90,846		47,944	$	1.89
For the six months ended June 30, 2010:
Basic earnings per common share	$	68,328		47,146	$	1.45
Effect of dilutive stock options, restricted stock and SARs		0		525		(0.02	)
Diluted earnings per common share	$	68,328		47,671	$	1.43

The following table shows the number of stock options and SARs (and their average exercise price) excluded because their option exercise prices were greater than the average market price of our common stock:

	Six Months Ended June 30,
	2011		2010
Stock options and SARs		73,500		132,165
Average Exercise Price	$	64.43	$	59.87