Earnings Per Share

9 Months Ended

Sep. 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. Potentially dilutive common shares are excluded from the computation of diluted earnings per share in periods in which the effect would be antidilutive. 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 September 30,				For the Nine Months Ended September 30,
	2013		2012		2013		2012
	(In thousands, except per share amounts)
Earnings per common share:
Net earnings	$	24,239	$	9,257	$	70,320	$	55,144
Less: Net earnings allocated to restricted stock		74		30		218		179

Net earnings allocated to common shareholders	$	24,165	$	9,227	$	70,102	$	54,965

Weighted average shares outstanding		104,766		104,456		104,657		104,380
Earnings per common share	$	0.23	$	0.09	$	0.67	$	0.53

Diluted earnings per common share:
Net income allocated to common shareholders	$	24,165	$	9,227	$	70,102	$	54,965

Weighted average shares outstanding		104,766		104,456		104,657		104,380
Incremental shares from assumed exercise of outstanding options		451		320		330		259

Diluted weighted average shares outstanding		105,217		104,776		104,987		104,639
Diluted earnings per common share	$	0.23	$	0.09	$	0.67	$	0.53

- Definition

The entire disclosure for earnings per share.

+ References+ Details