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EARNINGS PER SHARE
 9 Months Ended
Sep. 30, 2013
EARNINGS PER SHARE
EARNINGS PER SHARE
Our restricted stock awards are deemed participating securities, which, under the applicable accounting standards, 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
 
Nine Months Ended
 
 
September 30,
 
September 30,
 
(in thousands, except per share data and percentages)
2013
 
2012
 
2013
 
2012
 
Numerator:
 
 
 
 
 
 
 
 
Net earnings
$
27,713

 
$
36,740

 
$
76,168

 
$
84,868

 
Less: Dividends declared — common shares and restricted shares (participating securities)
(11,912
)
 
—

 
(35,632
)
 
—

 
Undistributed earnings
15,801

 
36,740

 
40,536

 
84,868

 
Percentage allocated to common shares1
98.3
%
 
100.0
%
 
98.3
%
 
100.0
%
 
Undistributed earnings — common shares
15,532

 
36,740

 
39,847

 
84,868

 
Add: Dividends declared — common shares
11,714

 
—

 
35,028

 
—

 
Numerator for basic and diluted earnings per share
$
27,246

 
$
36,740

 
$
74,875

 
$
84,868

 
 
 
 
 
 
 
 
 
 
Denominator:
 
 
 
 
 
 
 
 
Denominator for basic earnings per common share — weighted-average common shares
37,460

 
39,047

 
37,818

 
40,777

 
Incremental shares for stock awards2
1,224

 
1,785

 
1,329

 
1,755

 
Denominator for diluted earnings per common share — adjusted weighted-average common shares and assumed conversion
38,684

 
40,832

 
39,147

 
42,532

 

 
 
 
 
 
 
 
 
Net earnings per common share, basic
$
0.73

 
$
0.94

 
$
1.98

 
$
2.08

 
Net earnings per common share, diluted
$
0.70

 
$
0.90

 
$
1.91

 
$
2.00

 
 
 
 
 
 
 
 
 
1 
Weighted-average common shares outstanding
37,460

 
39,047

 
37,818

 
40,777

 
Weighted-average restricted shares outstanding (participating securities)
642

 
—

 
653

 
—

 
Total
38,102

 
39,047

 
38,471

 
40,777

 
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
2,560

 
3,184

 
2,611

 
3,397