Earnings and Dividends Per Share

6 Months Ended

Jun. 30, 2014

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				Six Months Ended
	June 30,				June 30,
	2014		2013		2014		2013
Income from continuing operations attributable to common stockholders	$	25,294	$	18,298	$	48,828	$	32,347
Discontinued operations	—		1,622		—		3,316
Net income attributable to common stockholders	$	25,294	$	19,920	$	48,828	$	35,663
BASIC:
Weighted average common shares outstanding	33,052,750		27,876,176		33,052,083		27,871,120
Income from continuing operations per common share	$	.77	$	.66	$	1.48	$	1.16
Discontinued operations per common share	—		.05		—		.12
Net income per common share	$	.77	$	.71	$	1.48	$	1.28
DILUTED:
Weighted average common shares outstanding	33,052,750		27,876,176		33,052,083		27,871,120
Stock options	34,533		37,551		34,175		36,480
Average dilutive common shares outstanding	33,087,283		27,913,727		33,086,258		27,907,600
Income from continuing operations per common share	$	.76	$	.66	$	1.48	$	1.15
Discontinued operations per common share	—		.05		—		.12
Net income per common share	$	.76	$	.71	$	1.48	$	1.27
Incremental shares excluded since anti-dilutive:
Net share effect of stock options with an exercise price in excess of the average market price for our common shares	31,575		16,848		31,936		10,100
Regular dividends declared per common share	$	.77	$	.735	$	1.54	$	1.43