Earnings Per Share

9 Months Ended

Sep. 30, 2019

There are no adjustments to “Net income applicable to Piedmont” for the diluted earnings per share computations.

Net income per share-basic is calculated as net income available to common stockholders divided by the weighted average number of common shares outstanding during the period. Net income per share-diluted is calculated as net income available to common stockholders divided by the diluted weighted average number of common shares outstanding during the period, including unvested deferred stock awards. Diluted weighted average number of common shares reflects the potential dilution under the treasury stock method that would occur if the remaining unvested deferred stock awards vested and resulted in additional common shares outstanding. Unvested deferred stock awards which are determined to be anti-dilutive are not included in the calculation of diluted weighted average common shares. For the three months ended September 30, 2019 and 2018, Piedmont calculated and excluded 251 shares and zero anti-dilutive shares, respectively, and for the nine months ended September 30, 2019 and 2018, Piedmont calculated and excluded 54,372 and 125,941, anti-dilutive shares, respectively.

The following table reconciles the denominator for the basic and diluted earnings per share computations shown on the consolidated statements of income for the three and nine months ended September 30, 2019 and 2018, respectively (in thousands):


	Three Months Ended			Nine Months Ended
	September 30, 2019	September 30, 2018	September 30, 2019	September 30, 2018
Weighted-average common shares – basic	125,783	128,371	125,684	130,837
Plus: Incremental weighted-average shares from time-vested deferred and performance stock awards	457	448	506	350
Weighted-average common shares – diluted	126,240	128,819	126,190	131,187