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EARNINGS PER SHARE
 3 Months Ended
Mar. 31, 2013
EARNINGS PER SHARE  
EARNINGS PER SHARE
4.
EARNINGS PER SHARE
 
Basic and diluted earnings per share are computed by dividing net income by the weighted average number of shares outstanding during the respective periods.  The basic and diluted calculations differ as a result of the dilutive effect of stock options and time lapse restricted shares included in diluted earnings per share, but excluded from basic earnings per share. In addition, the Company has periodically issued share-based payment awards that contain non-forfeitable rights to dividends and are therefore considered participating securities.
 
 
A reconciliation of weighted average shares outstanding is as follows:
 
   
Three months ended
March 31,
  
(In thousands except per share data )
  
2013
    
2012
  
Net income available for stockholders:
   $ 35,076     $ 80,755  
Less:  Dividends paid
     (22,015 )     (17,571 )
Undistributed earnings
   $ 13,061     $ 63,184  
                 
Basic shares outstanding:
                
   Common stock
     211,873       211,079  
   Restricted shares of common stock
     4,321       4,541  
      216,194       215,620  
Diluted shares outstanding:
                
   Common stock
     211,873       211,079  
   Dilutive effect of stock based awards
     1,331       1,730  
      213,204       212,809  
   Restricted shares of common stock
     4,321       4,541  
      217,525       217,350  
                 
 
Earnings Per Share (EPS) under the two-class method generated a reduction of $0.01 in the reported basic EPS of the restricted shares of common stock for the three months ended March 31, 2013 and 2012.