Earnings Per Share

3 Months Ended

Mar. 31, 2012

Earnings Per Share [Abstract]

Earnings Per Share

2.Earnings Per Share

The following table sets forth the computation of basic and diluted earnings per share on net income (in thousands, except per share information):

			Three months ended
		March 31,
			2012		2011
Earnings:
	Net income (numerator for basic and diluted calculations)	$	123,318	$	148,920
Shares:
	Weighted average outstanding shares (denominator for basic calculation)		73,575		73,213
	Equivalent shares from outstanding stock options		468		623
	Denominator for diluted calculation		74,043		73,836
Earnings per share:
	Basic	$	1.68	$	2.03
	Diluted	$	1.67	$	2.02

The calculation of common equivalent shares does not include the impact of options having a strike or conversion price that exceeds the average stock price for the earnings period, as the result would be antidilutive. The calculation of common equivalent shares also excludes the impact of outstanding performance contingent shares, as the conditions necessary for their issuance have not been satisfied as of the end of the reporting period. For the three months ended March 31, 2012, approximately 1.4million stock options and approximately 0.7 million performance contingent shares were excluded from the calculation. For the three months ended March 31, 2011, approximately 0.8 million stock options and approximately 0.8 million performance contingent shares were excluded from the calculation.