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EARNINGS PER SHARE (Tables)
12 Months Ended
Dec. 31, 2013
Earnings Per Share [Abstract]  
Calculation of Basic and Diluted Weighted Average Shares Outstanding Earnings Per Share

The following table sets forth the calculation of basic and diluted weighted average shares outstanding and earnings per share for the indicated periods:

 

     Year Ended December 31,  
     2013     2012     2011  

Income (numerator):

      

Basic:

      

Net income

   $ 117,634      $ 149,426      $ 194,332   

Net income attributable to participating securities

     (2,817     (2,984     (3,670
  

 

 

   

 

 

   

 

 

 

Net income attributable to common stock—basic

   $ 114,817      $ 146,422      $ 190,662   
  

 

 

   

 

 

   

 

 

 

Diluted:

      

Net income

   $ 117,634      $ 149,426      $ 194,332   

Net income attributable to participating securities

     (2,815     (2,982     (3,667
  

 

 

   

 

 

   

 

 

 

Net income attributable to common stock—diluted

   $ 114,819      $ 146,444      $ 190,665   
  

 

 

   

 

 

   

 

 

 

Weighted average shares (denominator):

      

Weighted average shares—basic

     48,693        48,319        47,988   

Dilutive effect of stock options

     42        42        42   
  

 

 

   

 

 

   

 

 

 

Weighted average shares—diluted

     48,735        48,361        48,030   
  

 

 

   

 

 

   

 

 

 

Basic earnings per share

   $ 2.36      $ 3.03      $ 3.97   
  

 

 

   

 

 

   

 

 

 

Diluted earnings per share

   $ 2.36      $ 3.03      $ 3.97