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Earnings Per Share
 9 Months Ended
Sep. 30, 2012
Earnings Per Share [Abstract]  
Earnings Per Share

2. Earnings Per Share

The following table sets forth the computation of basic and diluted earnings per share on net income (in thousands, except per share information):

 

    Three months ended  Nine months ended
   September 30, September 30,
    2012  2011  2012  2011
Earnings:           
 Net income (numerator for basic and diluted calculations)$144,475 $134,602 $408,904 $407,466
Shares:           
 Weighted average outstanding shares (denominator for           
  basic calculation) 73,776  73,856  73,690  73,680
 Equivalent shares from outstanding stock options(1) 362  398  388  527
 Denominator for diluted calculation 74,138  74,254  74,078  74,207
Earnings per share:           
  Basic$1.96 $1.82 $5.55 $5.53
  Diluted$1.95 $1.81 $5.52 $5.49
 (1) Year-to-date amounts are the weighted average of the individual quarterly amounts.

The calculation of common equivalent shares does not include the impact of options having a strike or conversion price that exceeds the average stock price for the earnings period, as the result would be antidilutive. The calculation of common equivalent shares also excludes the impact of outstanding performance contingent shares, as the conditions necessary for their issuance have not been satisfied as of the end of the reporting period. For the three months ended September 30, 2012, approximately 0.7 million stock options and approximately 0.7 million performance contingent shares were excluded from the calculation. For the three months ended September 30, 2011, approximately 1.1 million stock options and approximately 0.8 million performance contingent shares were excluded from the calculation.