10. Earnings Per Share
The following table presents the calculation of basic earnings per common share for the three and six months ended June 30, 2011 and 2010 (in thousands, except per share amounts):
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Three Months Ended
June 30,
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Six Months Ended
June 30,
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2011 |
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2010 |
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2011 |
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2010 |
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Net income
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$ |
55,175 |
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$ |
27,870 |
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$ |
73,824 |
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$ |
70,185 |
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Less portion allocated to nonvested shares
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1,178 |
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379 |
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1,558 |
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957 |
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Net income allocated to common shares
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$ |
53,997 |
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$ |
27,491 |
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$ |
72,266 |
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$ |
69,228 |
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Weighted average common shares outstanding
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74,020 |
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73,669 |
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74,012 |
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73,665 |
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Basic and diluted earnings per common share
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$ |
0.73 |
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$ |
0.37 |
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$ |
0.98 |
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$ |
0.94 |
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Shares excluded due to being anti-dilutive (weighted-average)
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1,683 |
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1,017 |
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1,699 |
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1,021 |
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