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FORM 10-K FOR FISCAL YEAR ENDED DECEMBER 31, 2007NOTES TO CONSOLIDATED FINANCIAL STATEMENTS2. Earnings Per Share
Basic earnings per share (“Basic EPS”) have been computed
using the weighted average number of common shares outstanding during the
respective periods. Diluted earnings per share (“Diluted EPS”) for all periods
also assumes, as of the beginning of the period, exercise of stock options and
restricted stock grants using the treasury stock method. Certain of our stock
options and restricted stock that would potentially dilute Basic EPS in the
future were also antidilutive for the 2007, 2006, and 2005 periods and are
discussed below. The following is a reconciliation of the numerators and
denominators used in the calculation of Basic and Diluted EPS for the years
ended December 31, 2007, 2006, and 2005 (in thousands, except per share
amounts): |
|
2007
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2006
|
2005
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||||||||||||||||||||||||||||||||||
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Income
from continuing operations
|
Shares
|
Per
Share Amount
|
Income
from continuing operations
|
Shares
|
Per
Share Amount
|
Income
from continuing operations
|
Shares
|
Per
Share Amount
|
||||||||||||||||||||||||||||
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Basic
EPS:
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||||||||||||||||||||||||||||||||||||
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Net
Income from continuing operations, and Share Amounts
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$ | 152,588 | 29,984 | $ | 5.09 | $ | 151,074 | 29,265 | $ | 5.16 | $ | 97,880 | 28,496 | $ | 3.43 | |||||||||||||||||||||
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Dilutive
Securities:
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||||||||||||||||||||||||||||||||||||
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Restricted
Stock
|
-- | 218 | -- | 169 | -- | 62 | ||||||||||||||||||||||||||||||
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Stock
Options
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-- | 438 | -- | 582 | -- | 737 | ||||||||||||||||||||||||||||||
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Diluted
EPS:
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||||||||||||||||||||||||||||||||||||
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Net
Income from continuing operations, and assumed Share
conversions
|
$ | 152,588 | 30,640 | $ | 4.98 | $ | 151,074 | 30,016 | $ | 5.03 | $ | 97,880 | 29,295 | $ | 3.34 | |||||||||||||||||||||
Options to purchase approximately 1.4 million shares at an average exercise price of $28.47 were outstanding at December 31, 2007, while options to purchase 1.5 million shares at an average exercise price of $24.59 were outstanding at December 31, 2006, and options to purchase 2.1 million shares at an average exercise price of $21.28 were outstanding at December 31, 2005. Approximately 1.0 million, 1.0 million, and 0.1 million stock options to purchase shares were not included in the computation of Diluted EPS for the years ended December 31, 2007, 2006, and 2005, respectively, because these stock options were antidilutive, in that the sum of the stock option price, unrecognized compensation expense and excess tax benefits recognized as proceeds in the treasury stock method was greater than the average closing market price for the common shares during those periods. Employee restricted stock grants of 0.4 million shares, 0.3 million shares and less than 0.1 million shares, were not included in the computation of Diluted EPS for the year ended December 31, 2007, 2006, and 2005, respectively, because these restricted stock grants were antidilutive in that the sum of the unrecognized compensation expense and excess tax benefits recognized as proceeds under the treasury stock method was greater than the average closing market price for the common shares during that period.
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