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Earnings Per Share
 9 Months Ended
Sep. 30, 2013
Earnings Per Share [Abstract]  
Earnings Per Share
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 September 30,
 
Nine months ended September 30,
 
 
2013
 
2012
 
2013
 
2012
Earnings:
 
 
 
 
 
 
 
 
Net income (loss) (numerator for basic and diluted calculations)
 
$
137,955

 
$
144,475

 
$
273,878

 
$
408,904

Shares:
 
 
 
 
 
 
 
 
Weighted average outstanding shares (denominator for basic calculation)
 
70,865

 
73,776

 
72,342

 
73,690

Equivalent shares from outstanding stock options
 
526

 
362

 
498

 
388

Denominator for diluted calculation
 
71,391

 
74,138

 
72,840

 
74,078

Earnings per share:
 
 
 
 
 
 
 
 
Basic
 
$
1.95

 
$
1.96

 
$
3.79

 
$
5.55

Diluted
 
$
1.93

 
$
1.95

 
$
3.76

 
$
5.52


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, 2013, no stock options and approximately 0.7 million performance contingent shares were excluded from the calculation. 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. Year-to-date amounts for equivalent shares from outstanding stock options and performance contingent shares are the weighted average of the individual quarterly amounts.