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Net Income Per Share | 6 Months Ended
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Jun. 30, 2014
Earnings Per Share [Abstract] |
Net Income Per Share | NOTE 3· Net Income Per Share Effective in 2009, the Company adopted new Financial Accounting Standards Board (“FASB”) authoritative guidance that states that unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents are participating securities and, therefore, are included in computing earnings per share (“EPS”) pursuant to the two-class method. The two-class method determines EPS for each class of common stock and participating securities according to dividends or dividend equivalents and their respective participation rights in undistributed earnings. Performance stock shares granted to employees under the Company’s Performance Stock Plan and under the Company’s Stock Incentive Plan are considered participating securities as they receive non-forfeitable dividend equivalents at the same rate as common stock. Basic EPS is computed based on the weighted average number of common shares (including participating securities) issued and outstanding during the period. Diluted EPS is computed based on the weighted average number of common shares issued and outstanding plus equivalent shares, assuming the exercise of stock options. The dilutive effect of stock options is computed by application of the treasury-stock method. The following is a reconciliation between basic and diluted weighted average shares outstanding:
|  | For the three months ended June 30, |  |  | For the six months ended June 30, |
(in thousands, except per share data) |  | 2014 |  |  | 2013 |  |  | 2014 |  |  | 2013 |
Net income |  | $ | 61,755 |  |  | $ | 52,007 |  |  | $ | 114,170 |  |  | $ | 112,138 |
Net income attributable to unvested awarded performance stock |  |  | (1,531 | ) |  |  | (1,157 | ) |  |  | (2,915 | ) |  |  | (2,467 | )
Net income attributable to common shares |  | $ | 60,224 |  |  | $ | 50,850 |  |  | $ | 111,255 |  |  | $ | 109,671 |
Weighted average number of common shares outstanding – basic |  |  | 144,840 |  |  |  | 144,041 |  |  |  | 145,133 |  |  |  | 143,984 |
Less unvested awarded performance stock included in weighted average number of common shares outstanding – basic |  |  | (3,590 | ) |  |  | (3,205 | ) |  |  | (3,705 | ) |  |  | (3,168 | )
Weighted average number of common shares outstanding for basic earnings per common share |  |  | 141,250 |  |  |  | 140,836 |  |  |  | 141,428 |  |  |  | 140,816 |
Dilutive effect of stock options |  |  | 1,782 |  |  |  | 2,185 |  |  |  | 1,741 |  |  |  | 2,122 |
Weighted average number of shares outstanding – diluted |  |  | 143,032 |  |  |  | 143,021 |  |  |  | 143,169 |  |  |  | 142,938 |
Net income per share: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic |  | $ | 0.43 |  |  | $ | 0.36 |  |  | $ | 0.79 |  |  | $ | 0.78 |
Diluted |  | $ | 0.42 |  |  | $ | 0.36 |  |  | $ | 0.78 |  |  | $ | 0.77 |

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- Definition The entire disclosure for earnings per share. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 45 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=7655603&loc=d3e1278-109256 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 45 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=7655603&loc=d3e1252-109256 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 55 -Paragraph 52 -URI http://asc.fasb.org/extlink&oid=32703322&loc=d3e4984-109258 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 225 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.21) -URI http://asc.fasb.org/extlink&oid=26872669&loc=d3e20235-122688 + Details
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