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Earnings Per Share
 3 Months Ended
Mar. 31, 2013
Earnings Per Share [Abstract]  
Earnings Per Share

7. 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 common shares related to stock options, SOSARs and non-vested stock awards (collectively “stock awards”).  For the three months ended March 31, 2013 and 2012,  678 and 257 stock awards, respectively, were excluded from the calculation of diluted EPS because they were anti-dilutive. In addition, 509 and 416 stock awards for the three months ended March 31, 2013 and 2012, respectively, were excluded from the calculation of diluted EPS because they were subject to performance conditions.

The following table sets forth the computations of basic and diluted earnings per share:  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended March 31

 

2013

 

2012

Net income

$
76,584 

 

$
62,664 

Shares:

 

 

 

 

 

Weighted average number of common shares outstanding

 
31,012 

 

 
31,410 

Dilutive stock awards

 
217 

 

 
436 

Diluted weighted average number of common

 

 

 

 

 

shares outstanding

 
31,229 

 

 
31,846 

Basic earnings per share

$
2.47 

 

$
2.00 

Diluted earnings per share

$
2.45 

 

$
1.97