Net Income Per Common Share:

The following table sets forth the computation of basic and diluted net income per common share for the periods indicated (in thousands, except share and per share data):



	Three Months Ended June 30,						Six Months Ended June 30,
	2011			2010			2011			2010
Basic EPS:
Net income applicable to common stock	$	84,335		$	79,915		$	140,714		$	102,576
Amount allocable to common shareholders	99.0		%	99.2		%	99.1		%	99.2		%
Rights to undistributed earnings	$	83,496		$	79,291		$	139,420		$	101,775
Weighted average shares outstanding—basic	360,226,487			353,278,423			358,616,324			353,032,030
Net income per common share—basic	$	0.23		$	0.22		$	0.39		$	0.29
Diluted EPS:
Rights to undistributed earnings	$	83,496		$	79,291		$	139,420		$	101,775
Weighted average shares outstanding—basic	360,226,487			353,278,423			358,616,324			353,032,030
Effect of dilutive securities:
Stock options	5,163,793			2,407,023			4,536,910			2,119,082
Weighted average shares outstanding—diluted	365,390,280			355,685,446			363,153,234			355,151,112
Net income per common share—diluted	$	0.23		$	0.22		$	0.38		$	0.29

In accordance with ASC 260 (Topic 260, “Earnings Per Share”), unvested share-based payment awards that contain rights to receive non-forfeitable dividends or dividend equivalents, whether paid or unpaid, are considered a “participating security” for purposes of computing earnings or loss per common share and the two-class method of computing earnings per share is required for all periods presented. During the three and six months ended June 30, 2011 and 2010, the Company issued restricted stock awards. Unvested shares of restricted stock are participating securities such that they have rights to receive non-forfeitable dividends. In accordance with ASC 260, the unvested restricted stock was considered a “participating security” for purposes of computing earnings per common share and was therefore included in the computation of basic and diluted earnings per common share.

Under certain of the Company's restricted stock award agreements, unvested shares of restricted stock have rights to receive non-forfeitable dividends. For the three and six months ended June 30, 2011 and 2010, the Company has calculated diluted earnings per share under both the treasury stock method and the two-class method. There was not a significant difference in the per share amounts calculated under the two methods, and the two-class method is disclosed. For the three and six months ended June 30, 2011, approximately 3.7 million and 3.4 million, respectively, of restricted common shares issued to employees have been excluded from the computation of basic net income per common share since the shares are not vested and remain subject to forfeiture. For the three and six months ended June 30, 2010, approximately 2.8 million of restricted common shares issued to employees have been excluded from the computation of basic net income per common share since the shares are not vested and remain subject to forfeiture.

For the three months ended June 30, 2011 and 2010, 10.3 million and 25.8 million, respectively, of stock options were excluded from the calculation of diluted net income per common share since the effect was anti-dilutive. For the six months ended June 30, 2011 and 2010, 14.4 million and 25.2 million, respectively, of stock options were excluded from the calculation of diluted net income per common share since the effect was anti-dilutive.