EARNINGS PER SHARE

6 Months Ended

Jun. 30, 2013

EARNINGS PER SHARE

EARNINGS PER SHARE

Our restricted stock awards are deemed participating securities, which require the computation of earnings per share using the two-class method. The following table provides the calculations of earnings per common share, basic and earnings per common share, diluted included in the unaudited condensed consolidated statements of income:

		Three Months Ended						Six Months Ended
		June 30,						June 30,
	(in thousands, except per share data and percentages)	2013			2012			2013			2012
	Numerator:
	Net earnings	$	26,786		$	21,707		$	48,455		$	48,128
	Less: Dividends declared — common shares and restricted shares (participating securities)	(11,696		)	—			(23,720		)	—
	Undistributed earnings	15,090			21,707			24,735			48,128
	Percentage allocated to common shares1	98.3		%	100.0		%	98.3		%	100.0		%
	Undistributed earnings — common shares	14,833			21,707			24,315			48,128
	Add: Dividends declared — common shares	11,497			—			23,315			—
	Numerator for basic and diluted earnings per share	$	26,330		$	21,707		$	47,630		$	48,128
	Denominator:
	Denominator for basic earnings per common share — weighted-average common shares	37,687			41,170			37,998			41,642
	Incremental shares for stock awards2	1,264			1,549			1,381			1,740
	Denominator for diluted earnings per common share — adjusted weighted-average common shares and assumed conversion	38,951			42,719			39,379			43,382
	Net earnings per common share, basic	$	0.70		$	0.53		$	1.25		$	1.16
	Net earnings per common share, diluted	$	0.68		$	0.51		$	1.21		$	1.11
1	Weighted-average common shares outstanding	37,687			41,170			37,998			41,642
	Weighted-average restricted shares outstanding (participating securities)	648			—			658			—
	Total	38,335			41,170			38,656			41,642
	Percentage allocated to common shares	98.3		%	100.0		%	98.3		%	100.0		%
2	Anti-dilutive shares excluded from calculation of weighted-average incremental shares for stock awards	2,788			3,521			2,637			3,403