Earnings Per Common Share

3 Months Ended

Mar. 31, 2021

Earnings Per Common Share [Abstract]

Earnings Per Common Share

6. EARNINGS PER COMMON SHARE

Basic earnings per share are calculated by dividing net income by the weighted average number of common shares outstanding. Diluted earnings per share reflect the potential dilution that would occur if options granted under various share-based compensation plans were exercised resulting in the issuance of common shares that would participate in the earnings of the entity.

Net income (loss) per common share has been computed as per below, based upon weighted average common basic and dilutive shares outstanding.

		Three Months Ended
		March 31,
(Dollars in thousands, except per share amounts)		2021			2020
Net income (loss) per share:
	Numerator
	Net income (loss)	$	341,862		$	16,612
	Less: dividends declared-common shares and unvested common shares		(62,229)			(63,277)
	Undistributed earnings		279,633			(46,666)
	Percentage allocated to common shareholders (1)		98.7	%		98.7	%
			276,031			(46,082)
	Add: dividends declared-common shareholders		61,415			62,488
	Numerator for basic and diluted earnings per common share	$	337,446		$	16,406
	Denominator
	Denominator for basic earnings per weighted-average common shares		39,543			40,204
	Effect of dilutive securities:
	Options		54			92
	Denominator for diluted earnings per adjusted weighted-average common shares		39,597			40,296
	Per common share net income (loss)
	Basic	$	8.53		$	0.41
	Diluted	$	8.52		$	0.41
(1)	Basic weighted-average common shares outstanding		39,543			40,204
	Basic weighted-average common shares outstanding and unvested common shares expected to vest		40,059			40,713
	Percentage allocated to common shareholders		98.7	%		98.7	%
(Some amounts may not reconcile due to rounding.)

There were no anti-diluted options outstanding for the three months ended March 31, 2021 and 2020.

All outstanding options expire on or between May 18, 2021 and September 19, 2022.