Earnings Per Share

6 Months Ended

Jun. 30, 2011

Earnings Per Share

Earnings Per Share

NOTE 9 – EARNINGS PER SHARE

The table below summarizes the computation of basic and diluted earnings per share for the three and six months ended June 30, 2011 and 2010 (in thousands, except per share data):

	Three Months Ended  June 30,				Six Months Ended  June 30,
	2011		2010		2011		2010
Numerator (basic and diluted):
Net income	$	133,772	$	99,595	$	236,246	$	197,071
Denominator:
Denominator for basic earnings per share–                           …….weighted-average shares		137,399		138,230		138,982		137,908
Effect of stock options (see Note 8)		2,317		2,294		2,307		2,122
Effect of exchangeable notes		-		593		-		388
Denominator for diluted earnings per share--                             adjusted weighted-average shares and assumed conversion		139,716		141,117		141,289		140,418
Earnings per share-basic	$	0.97	$	0.72	$	1.70	$	1.43
Earnings per share-assuming dilution	$	0.96	$	0.71	$	1.67	$	1.40

For the three and six months ended June 30, 2011 and 2010, the computation of diluted earnings per share did not include certain common stock equivalents.  These common stock equivalents represent underlying stock options not included in the computation of diluted earnings per share, because the inclusion of such equivalents would have been antidilutive.  The table below identifies the antidilutive stock options for the three and six months ended June 30, 2011 and 2010 (in thousands):

	Three Months Ended  June 30,		Six Months Ended  June 30,
	2011	2010	2011	2010
Antidilutive stock options	1,400	964	1,552	1,485
Weighted-average exercise price	$            57.04	$                     41.71	$            56.20	$              40.13

The exchangeable notes were retired in December of 2010, and therefore had no dilutive effect on 2011 results.  Incremental net shares for the exchange feature of the exchangeable notes were included in the diluted earnings per share calculation for the three and six months ended June 30, 2010.