Earnings Per Share

6 Months Ended

Jun. 30, 2013

7. EARNINGS PER SHARE

Basic earnings per common share are computed by dividing income allocated to common stockholders by the weighted-average number of common shares outstanding during each period. The computation of diluted earnings per common share considers the number of tax-effected shares issuable upon the assumed exercise of outstanding common stock options. The table below shows earnings per common share and diluted earnings per common share and reconciles the numerator and denominator of both earnings per common share calculations.

The table below presents the reconciliation of earnings per share for the periods indicated:


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2013		2012		2013		2012
	(In thousands, except per share amounts)
Earnings per common share:
Net earnings	$	24,466	$	23,619	$	46,081	$	45,887
Less: Net earnings allocated to restricted stock		75		82		144		149

Net earnings allocated to common shareholders (numerator)	$	24,391	$	23,537	$	45,937	$	45,738

Weighted average shares outstanding (denominator)		104,641		104,378		104,603		104,341
Earnings per common share	$	0.23	$	0.23	$	0.44	$	0.44

Diluted earnings per common share:
Net income allocated to common shareholders (numerator)	$	24,391	$	23,537	$	45,937	$	45,738

Weighted average shares outstanding		104,641		104,378		104,603		104,341
Incremental shares from assumed exercise of outstanding options		273		240		257		221

Diluted weighted average shares outstanding (denominator)		104,914		104,618		104,860		104,562
Diluted earnings per common share	$	0.23	$	0.23	$	0.44	$	0.44

- Definition

The entire disclosure for earnings per share.

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