Earnings Per Share

6 Months Ended

Jun. 30, 2012

Earnings Per Share [Abstract]

Earnings Per Share

Earnings per Share

The following table shows the information used in the calculation of our share counts for basic and diluted earnings per share:

	For the Three Months Ended		For the Six Months Ended
	June 30,		June 30,
	2011	2012	2011	2012
Weighted average common shares outstanding for basic calculation	145,165,549	141,398,901	145,010,867	142,716,771
Add: Effect of stock options and restricted stock	798,855	655,045	712,178	665,654
Weighted average common shares outstanding for diluted calculation	145,964,404	142,053,946	145,723,045	143,382,425

Basic earnings per common share are calculated by dividing net income by the weighted average number of common shares outstanding. Diluted earnings per share are calculated by dividing net income by the sum of the weighted average number of common shares outstanding plus the additional common shares that would have been outstanding if potentially dilutive securities had been issued.

The weighted average common shares outstanding for the diluted earnings per share calculation excludes consideration of stock options covering 2,600 shares in the three and six months ended June 30, 2011 as the exercise prices were greater than the weighted average market price of our common stock for that period. The weighted average common shares outstanding for the diluted calculation excludes 884,178 and 870,657 shares for the three and six months ended June 30, 2012, respectively, as exercise prices were greater than the weighted average market price of our common stock for that period.

During the three months ended June 30, 2012, 8.8 million common shares were repurchased in the open market under a previously announced repurchase program authorized by the Board of Directors. These share repurchases represented a financing cash outflow of $84.0 million and an increase in accrued liabilities of $6.0 million for payments not yet made as of June 30, 2012. These share repurchases decreased the weighted average common shares outstanding by approximately 2.6 million shares for the three months ended June 30, 2012 and by approximately 1.2 million shares for the six months ended June 30, 2012. The remaining 1.2 million shares available under the program were repurchased in July 2012.