Earnings Per Share

9 Months Ended

Sep. 30, 2020

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, 2020 and 2019, Piedmont calculated and excluded weighted average outstanding anti-dilutive shares of 310,425 and 344, respectively, and for the nine months ended September 30, 2020 and 2019, Piedmont calculated and excluded weighted average outstanding anti-dilutive shares of 262,165 and 134,221, 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, 2020 and 2019, respectively (in thousands):


	Three Months Ended		Nine Months Ended
	September 30, 2020	September 30, 2019	September 30, 2020	September 30, 2019
Weighted-average common shares – basic	126,029	125,783	125,955	125,684
Plus: Incremental weighted-average shares from time-vested deferred and performance stock awards	356	457	347	506
Weighted-average common shares – diluted	126,385	126,240	126,302	126,190