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Earnings Per Share
 3 Months Ended
Mar. 31, 2013
Earnings Per Share
Earnings Per Share
The Company’s basic earnings per share calculations are based on the weighted average number of common shares outstanding during the year. Shares of restricted stock are included in the computation of both basic and diluted earnings per share. Potentially dilutive securities include outstanding stock options, Restricted Share Units, Deferred Stock Units and Performance-based Restricted Share Units. The dilutive effect of potentially dilutive securities is reflected in diluted earnings per common share by application of the treasury method. Diluted earnings per share gives effect to all potentially dilutive common shares outstanding during the year.
 
 
Three Months Ended
 
 
March 31,
 
(in thousands, except per share data)
2013
 
2012
 
Income from continuing operations
$
57,942

 
$
50,974

 
Less: Non-controlling interest in subsidiaries’ earnings
151

 
134

 
Income from continuing operations attributable to common shareholders
57,791

 
50,840

 
Discontinued operations, net of tax
—

 
822

 
Net income attributable to common shareholders
$
57,791

 
$
51,662

 
Average basic shares outstanding
57,479

 
57,889

 
Effect of dilutive stock options
910

 
991

 
Average diluted shares outstanding
58,389

 
58,880

 
Earnings per share - basic:
 
 
 
 
Income from continuing operations attributable to common shareholders
$
1.01

 
$
0.88

 
Discontinued operations, net of tax
—

 
0.01

 
Net income attributable to common shareholders
$
1.01

 
$
0.89

 
Earnings per share - diluted: (a)
 
 
 
 
Income from continuing operations attributable to common shareholders
$
0.99

 
$
0.86

 
Discontinued operations, net of tax
—

 
0.01

 
Net income attributable to common shareholders
$
0.99

 
$
0.88

 
 
(a)
EPS amounts may not add due to rounding
The computation of diluted earnings per share excludes the effect of the potential exercise of stock options when the average market price of the common stock is lower than the exercise price of the related stock options during the period (1.7 million and 1.6 million average options were excluded for the first quarter of 2013 and 2012, respectively).