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Earnings Per Share
9 Months Ended
Sep. 30, 2011
Earnings Per Share [Abstract] 
EARNINGS PER SHARE

(F) EARNINGS PER SHARE

We compute earnings per share using the two-class method. The two-class method of computing earnings per share is an earnings allocation formula that determines earnings per share for common stock and any participating securities according to dividends declared (whether paid or unpaid) and participation rights in undistributed earnings. Our nonvested stock are considered participating securities since the share-based awards contain a non-forfeitable right to dividend equivalents irrespective of whether the awards ultimately vest. Under the two-class method, earnings per common share are computed by dividing the sum of distributed earnings and undistributed earnings allocated to common shareholders by the weighted average number of common shares outstanding for the period. In applying the two-class method, undistributed earnings are allocated to both common shares and participating securities based on the weighted average shares outstanding during the period.

The following table presents the calculation of basic and diluted earnings per common share from continuing operations:

                                 
    Three months ended September 30,     Nine months ended September 30,  
    2011     2010     2011     2010  
    (In thousands, except per share amounts)  

Earnings per share — Basic:

                                

Earnings from continuing operations

   $ 56,933       39,674     $ 123,704       83,146  

Less: Distributed and undistributed earnings allocated to nonvested stock

     (933 )      (576 )      (1,981 )      (1,146 ) 
   

 

 

    

 

 

    

 

 

    

 

 

  

Earnings from continuing operations available to common shareholders — Basic

   $ 56,000       39,098     $ 121,723       82,000  
   

 

 

    

 

 

    

 

 

    

 

 

  
         

Weighted average common shares outstanding — Basic

     50,426       51,409       50,533       52,044  
   

 

 

    

 

 

    

 

 

    

 

 

  
         

Earnings from continuing operations per common share — Basic

   $ 1.11       0.76     $ 2.41       1.58  
   

 

 

    

 

 

    

 

 

    

 

 

  
         

Earnings per share — Diluted:

                                

Earnings from continuing operations

   $ 56,933       39,674     $ 123,704       83,146  

Less: Distributed and undistributed earnings allocated to nonvested stock

     (928 )      (576 )      (1,972 )      (1,146 ) 
   

 

 

    

 

 

    

 

 

    

 

 

  

Earnings from continuing operations available to common shareholders — Diluted

   $ 56,005       39,098     $ 121,732       82,000  
   

 

 

    

 

 

    

 

 

    

 

 

  
         

Weighted average common shares outstanding — Basic

     50,426       51,409       50,533       52,044  

Effect of dilutive options

     327       126       389       122  
   

 

 

    

 

 

    

 

 

    

 

 

  

Weighted average common shares outstanding — Diluted

     50,753       51,535       50,922       52,166  
   

 

 

    

 

 

    

 

 

    

 

 

  
         

Earnings from continuing operations per common share — Diluted

   $ 1.10       0.76     $ 2.39       1.57  
   

 

 

    

 

 

    

 

 

    

 

 

  
         

Anti-dilutive options not included above

     1,718       1,793       1,462       1,833