Annual report pursuant to Section 13 and 15(d)

Earnings Per Share

v2.4.0.6
Earnings Per Share
 12 Months Ended
Dec. 31, 2012
Earnings Per Share

14. Earnings Per Share

In accordance with the Earnings Per Share topic of the Codification, the Company’s unvested share-based payment awards that contain nonforfeitable rights to dividends or dividend equivalents (whether paid or unpaid) are deemed participating securities and are included in the computation of earnings per share under the two-class method.

The following table presents the calculation of basic earnings per common share (in thousands, except per share amounts):

 

     Year Ended December 31,  
     2012      2011      2010  

Net income

    $ 71,984       $ 172,817       $ 117,892   

Less portion allocated to nonvested shares

      983         3,211         1,178   
  

 

 

     

 

 

     

 

 

  

Net income allocated to common shares

    $ 71,001       $ 169,606       $ 116,714   
  

 

 

     

 

 

     

 

 

  

Weighted average common shares outstanding

      74,354         74,033         73,685   
  

 

 

     

 

 

     

 

 

  

Basic and diluted earnings per common share

    $ 0.95       $ 2.29       $ 1.58   

Shares excluded due to being anti-dilutive

      1,923         1,873         1,540