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Earnings Per Share
 9 Months Ended
Sep. 30, 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 and nine months ended September 30, 2013,  7 and 523 stock awards were excluded from the calculation of diluted EPS, and for the three and nine months ended September 30, 2012,  413 and 345 stock awards, were excluded from the calculation of diluted EPS because they were anti-dilutive. In addition, 287 and 411 stock awards for the three and nine months ended September 30, 2013 and 492 and 467 stock awards for the three and nine months ended September 30, 2012 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 September 30

 

Nine months ended September 30

 

2013

 

2012

 

2013

 

2012

Net income

$
83,379 

 

$
72,300 

 

$
247,816 

 

$
216,647 

Shares:

 

 

 

 

 

 

 

 

 

 

 

Weighted average number of common shares outstanding

 
30,897 

 

 
31,643 

 

 
30,937 

 

 
31,583 

Dilutive stock awards

 
399 

 

 
203 

 

 
297 

 

 
298 

Diluted weighted average number of common

 
31,296 

 

 
31,846 

 

 
31,234 

 

 
31,881 

shares outstanding

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per share

$
2.70 

 

$
2.28 

 

$
8.01 

 

$
6.86 

Diluted earnings per share

$
2.66 

 

$
2.27 

 

$
7.93 

 

$
6.80