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Net Income Per Share
 6 Months Ended
Jun. 30, 2011
Net Income Per Share  
Net Income Per Share

Note J—Net Income Per Share

The calculation of net income per share for the three and six months ended June 30, 2011 and 2010, is reflected in the following table (in thousands, except per share amounts):

 

     Three Months Ended
June 30,		      Six Months Ended
June 30,		  
     2011      2010      2011      2010  

Basic net income per share:

            

Net income

    $ 36,425       $ 12,181       $ 63,130       $ 20,656   

Income allocated to participating securities—basic

      537         521         939         1,370   
                                   

Net income available to common stockholders—basic

    $ 35,888       $ 11,660       $ 62,191       $ 19,286   
                                   

Basic weighted average shares

      141,286         143,100         141,966         143,667   

Basic net income per share

    $ .25       $ .08       $ .44       $ .13   

Diluted net income per share:

            

Net income

    $ 36,425       $ 12,181       $ 63,130       $ 20,656   

Income allocated to participating securities—diluted

      535         521         936         1,370   
                                   

Net income available to common stockholders—diluted

    $ 35,890       $ 11,660       $ 62,194       $ 19,286   
                                   

Basic weighted average shares

      141,286         143,100         141,966         143,667   

Dilutive effect of potential common shares

      1,299         1,231         1,391         1,332   
                                   

Diluted weighted average shares

      142,585         144,331         143,357         144,999   
                                   

Diluted net income per share

    $ .25       $ .08       $ .43       $ .13   

 

Potential common shares include the dilutive effect of stock options, unvested performance-based restricted stock, restricted stock which contain forfeitable rights to dividends, and stock units. The weighted average diluted common shares outstanding for the three months and six months ended June 30, 2011 and 2010, excludes the effect of the following (in thousands):

 

     Three Months Ended
June 30,		      Six Months Ended
June 30,		  
     2011      2010      2011      2010  

Total number of anti-dilutive potential common shares

      803         761         664         551   

Employee stock options will have a dilutive effect under the treasury method only when the respective period's average market value of the Company's common stock exceeds the exercise proceeds. Under the treasury method, exercise proceeds include the amount the employee must pay for exercising stock options, the amount of compensation cost for future service that the Company has not yet recognized, and the amount of tax benefits that would be recorded in capital surplus, if the options were exercised and the stock units and performance-based restricted stock had vested.