Earnings Per Common Share

9 Months Ended

Sep. 30, 2013

Earnings Per Share [Abstract]

Earnings Per Common Share

Earnings Per Common Share

Earnings per common share (“EPS”) are computed by dividing net income by the weighted average number of shares of common stock (basic) plus common stock equivalents outstanding (diluted) during the period. Common stock equivalents consist of stock options, which have been included in the calculation of weighted average shares outstanding using the treasury stock method, unvested shares, and shares issuable in connection with certain deferred compensation agreements (“DCUs”).

ASC 260 “Earnings Per Share” provides that all outstanding unvested share-based payment awards that contain rights to nonforfeitable dividends participate in undistributed earnings with common shareholders. If awards are considered participating securities, the Company is required to apply the two-class method of computing basic and diluted earnings per share. The Company has determined that its outstanding unvested shares are participating securities. Accordingly, earnings per common share are computed using the more dilutive of the treasury stock method and the two-class method prescribed by ASC 260. For the purposes of calculating diluted EPS, net income attributable to common shareholders was reduced by $0.3 million and $0.2 million for the three months ended September 30, 2013 and 2012, respectively and by $0.8 million and $0.6 million for the nine months ended September 30, 2013 and 2012, respectively.

Basic weighted average shares reconciles to diluted weighted average shares as follows:

	Three Months Ended   September 30,		Nine Months Ended   September 30,
	2013	2012	2013	2012
	(In thousands)
Basic weighted average common shares outstanding	81,259	82,482	81,762	82,820
Dilutive effect of stock options, unvested shares, performance share units and DCUs	959	888	939	965
Diluted weighted average common shares outstanding	82,218	83,370	82,701	83,785

Options to purchase approximately 0.03 million and 0.6 million shares of common stock for the three and nine months ended September 30, 2013, respectively, were not included in the computation of diluted EPS because the effect of their inclusion would be antidilutive. Options to purchase approximately 1.3 million shares of common stock for the three and nine months ended September 30, 2012, respectively, were not included in the computation of diluted EPS because the effect of their inclusion would be antidilutive.