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Earnings Per Share
 12 Months Ended
Dec. 31, 2012
Earnings Per Share [Abstract]  
Earnings Per Share

8. Earnings Per Share

Basic earnings per share is calculated by dividing income available to common shareholders by the weighted-average number of shares of common stock outstanding during each period. Diluted earnings per share (“diluted EPS”) is calculated using income available to common shareholders divided by diluted weighted-average shares of common stock outstanding during each period. Potentially dilutive securities include shares of common stock underlying stock options, SOSARs and non-vested stock awards. Diluted EPS considers the impact of potentially dilutive securities except in periods in which there is a loss because the inclusion of the potential common shares would have an anti-dilutive effect. SOSARs to purchase 360,  240 and 340 shares of common stock were excluded from the calculation of 2012, 2011 and 2010 diluted EPS, respectively, because they were anti-dilutive. In addition, 449,  224 and 60 stock awards subject to performance conditions were excluded from the 2012, 2011 and 2010 calculations of diluted EPS. The following table sets forth the computations of basic and dilutive earnings per share:  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year ended December 31

 

2012

 

2011

 

2010

Net income

$
278,000 

 

$
214,945 

 

$
178,981 

Shares:

 

 

 

 

 

 

 

 

Weighted average number of common shares outstanding

 
31,513 

 

 
31,217 

 

 
31,234 

Dilutive stock options and SOSARs

 
254 

 

 
497 

 

 
422 

Dilutive non-vested stock awards

 
16 

 

 
61 

 

 
79 

Diluted weighted average number of common shares outstanding

 
31,783 

 

 
31,775 

 

 
31,735 

Basic earnings per share

$
8.82 

 

$
6.89 

 

$
5.73 

Diluted earnings per share

$
8.75 

 

$
6.76 

 

$
5.64