|
Years Ended December 31, |
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|
2013 |
2012 |
2011 |
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|
Numerator |
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|
Net income |
$ |
488,907 |
$ |
483,705 |
$ |
538,956 | ||
|
Deduct dividends paid |
(74,128) | (69,393) | (67,385) | |||||
|
Undistributed earnings |
$ |
414,779 |
$ |
414,312 |
$ |
471,571 | ||
|
Denominator |
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|
Weighted average shares outstanding used in basic earnings per share calculations |
76,648,688 | 84,276,427 | 96,626,306 | |||||
|
Incremental common shares from : |
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|
PSUs |
864,572 | 786,088 | 870,961 | |||||
|
SARs |
65,712 | 133,405 | 192,756 | |||||
|
ESPP |
75,792 | 111,145 | 105,286 | |||||
|
Weighted average shares used in diluted earnings per share calculations |
77,654,764 | 85,307,065 | 97,795,309 | |||||
|
Earnings per common share - Basic |
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|
Distributed earnings |
$ |
0.96 |
$ |
0.81 |
$ |
0.70 | ||
|
Undistributed earnings |
5.42 | 4.93 | 4.88 | |||||
|
Net income |
$ |
6.38 |
$ |
5.74 |
$ |
5.58 | ||
|
Earnings per common share – Diluted |
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|
Distributed earnings |
$ |
0.95 |
$ |
0.81 |
$ |
0.69 | ||
|
Undistributed earnings |
5.35 | 4.86 | 4.82 | |||||
|
Net income |
$ |
6.30 |
$ |
5.67 |
$ |
5.51 | ||