One more method (bulletproof) taken from here utilizing 'display:table' rule:
Markup
CSS:
.outer {
display: table;
width: 100%;
height: 100%;
}
.inner {
display: table-cell;
vertical-align: middle;
text-align: center;
}
.centered {
position: relative;
display: inline-block;
width: 50%;
padding: 1em;
background: orange;
color: white;
}