Net Income Per Share

9 Months Ended

Sep. 30, 2011

Net Income Per Share

Net Income Per Share

Note 7—Net Income Per Share

        A reconciliation of the basic and diluted net income per share computations for the three and nine months ended September 30, 2011 and 2010 is as follows (in thousands, except per share data):

		For the three months ended September 30,
		2011				2010
		Basic		Diluted		Basic			Diluted
Numerator:
Income from continuing operations		$	76,221	$	76,221	$	136,972		$	136,972
Loss from discontinued operations		$	—	$	—	$	(757	)	$	(757	)
Denominator:
Average number of common shares outstanding			62,414		62,414		52,920			52,920
Effect of dilutive securities:
	Stock awards and warrants(a)		—		345		—			473
			62,414		62,759		52,920			53,393
Income from continuing operations		$	1.22	$	1.21	$	2.59		$	2.57
Loss from discontinued operations			—		—		(0.02	)		(0.02	)
Net income per share		$	1.22	$	1.21	$	2.57		$	2.55

		For the nine months ended September 30,
		2011				2010
		Basic		Diluted		Basic			Diluted
Numerator:
Income from continuing operations		$	265,392	$	265,392	$	295,777		$	295,777
Loss from discontinued operations		$	—	$	—	$	(1,848	)	$	(1,848	)
Denominator:
Average number of common shares outstanding			59,601		59,601		53,224			53,224
Effect of dilutive securities:
	Stock awards and warrants(a)		—		370		—			548
			59,601		59,971		53,224			53,772
Income from continuing operations		$	4.45	$	4.43	$	5.56		$	5.50
Loss from discontinued operations			—		—		(0.04	)		(0.03	)
Net income per share		$	4.45	$	4.43	$	5.52		$	5.47

(a)

Stock awards represent the weighted average number of shares of common stock issuable on the exercise of dilutive employee stock options and restricted stock units, less the number of shares of common stock which could have been purchased with the proceeds from the exercise of such stock awards. These purchases were assumed to have been made at the average market price of the common stock for the period. The weighted average number of stock options outstanding for the three months ended September 30, 2011 and 2010 totaling 38,083 and 30,755, respectively, were excluded from the calculation above because their effect would have been anti-dilutive. Additionally, the weighted average number of stock options outstanding for the nine months ended September 30, 2011 and 2010 totaling 32,086 and 27,802 respectively, were excluded because their effect would have been anti-dilutive. Outstanding warrants entitle the holder to receive cash and shares of common stock upon exercise.