Earnings and Dividends Per Share

9 Months Ended

Sep. 30, 2013

Earnings Per Share [Abstract]

Earnings Per Share

EARNINGS AND DIVIDENDS PER SHARE

The weighted average number of common shares outstanding during the reporting period is used to calculate basic earnings per common share. Diluted earnings per common share assume the exercise of stock options and vesting of restricted shares using the treasury stock method, to the extent dilutive.

The following table summarizes the average number of common shares and the net income used in the calculation of basic and diluted earnings per common share (in thousands, except share and per share amounts):

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2013		2012		2013		2012
Income from continuing operations attributable to common stockholders	$	22,812	$	13,283	$	56,717	$	46,359
Discontinued operations	19,932		1,068		21,691		3,269
Net income attributable to common stockholders	$	42,744	$	14,351	$	78,408	$	49,628
BASIC:
Weighted average common shares outstanding	27,876,176		27,830,311		27,872,805		27,799,750
Income from continuing operations per common share	$	.82	$	.48	$	2.03	$	1.66
Discontinued operations per common share	.71		.04		.78		.12
Net income per common share	$	1.53	$	.52	$	2.81	$	1.78
DILUTED:
Weighted average common shares outstanding	27,876,176		27,830,311		27,872,805		27,799,750
Stock options	29,369		32,271		34,109		29,129
Average dilutive common shares outstanding	27,905,545		27,862,582		27,906,914		27,828,879
Income from continuing operations per common share	$	.82	$	.48	$	2.03	$	1.66
Discontinued operations per common share	.71		.04		.78		.12
Net income per common share	$	1.53	$	.52	$	2.81	$	1.78
Incremental shares excluded since anti-dilutive:
Stock options with an exercise price in excess of the average market price for our common shares	43,473		917		15,649		1,972
Dividends declared per common share	$	.735	$	.67	$	2.165	$	1.97