Earnings Per Share

6 Months Ended

Jun. 30, 2011

Earnings Per Share [Abstract]

Earnings Per Share

NOTE 5.     Earnings Per Share

Net earnings per share was calculated using the weighted average number of shares outstanding during the respective periods.  The following table sets forth the reconciliation from basic to diluted weighted average shares outstanding and the calculations of net earnings per share (in thousands, except per share data):

	Three months ended				Six months ended
	June 30,				June 30,
	2011		2010		2011		2010
Net earnings	$	81,425	$	53,605	$	149,843	$	106,318
Weighted average shares outstanding:
Basic		72,128		70,836		71,748		70,678
Dilutive potential common shares from stock options and restricted stock (1)		1,441		969		1,371		979
Dilutive potential common shares from conversion of Convertible Notes (2)		1,313		-		301		-
Diluted		74,882		71,805		73,420		71,657
Basic net earnings per share	$	1.13	$	0.76	$	2.09	$	1.50
Diluted net earnings per share	$	1.09	$	0.75	$	2.04	$	1.48
(1) Potentially dilutive stock options and restricted stock totaling 1,112 shares and 3,619 shares for the three months ended June 30, 2011 and 2010, respectively, and 1,330 shares and 3,723 shares for the six months ended June 30, 2011 and 2010, respectively, were excluded from the computation of diluted weighted average shares outstanding due to their antidilutive effect. (2) The average price of our common stock was $56.90 and $52.52 for the three and six months ended June 30, 2011, respectively.

Holders of our Convertible Notes may convert the Convertible Notes into cash, and if applicable, shares of our common stock at the applicable conversion rate, at their option any business day prior to October 15, 2014 if specific conditions are satisfied.  For further information on the Convertible Notes, see Note 3 of the notes to the condensed consolidated financial statements.  The Convertible Notes have no impact on diluted earnings per share (“EPS”) unless the average price of our common stock for the period exceeds the conversion price (initially $51.34 per share) because the principal amount of the Convertible Notes will be settled in cash upon conversion.  Prior to conversion, we use the treasury stock method to include the effect of the additional shares that may be issued if our common stock price exceeds the conversion price.  The convertible note hedge purchased in connection with the issuance of our Convertible Notes is excluded from the calculation of diluted EPS as its impact is always anti-dilutive.  The warrant transactions associated with the issuance of our Convertible Notes have no impact on EPS unless our average share price for the period exceeds the $60.41 exercise price.