XML 29 R19.htm IDEA: XBRL DOCUMENT v3.20.2
Earnings and Dividends per Share (Notes)
 6 Months Ended
Jun. 30, 2020
Earnings and Dividends Per Share [Abstract]  
Earnings per Share Earnings and Dividends per Share
Earnings per Share
The Company has unvested restricted stock units outstanding that are considered participating securities and, therefore, computes basic and diluted earnings per share under the two-class method. Basic earnings per share for the periods are based upon the weighted average number of shares of common stock outstanding during each period. Diluted earnings per share include the effects of certain stock options and performance stock units.
 
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
 
2020
 
2019
 
2020
 
2019
Net income attributable to Westlake Chemical Corporation
 
$
15

 
$
119

 
$
160

 
$
191

Less:
 
 
 
 
 
 
 
 
Net income attributable to participating securities
 
(1
)
 
(1
)
 
(1
)
 
(1
)
Net income attributable to common shareholders
 
$
14

 
$
118

 
$
159

 
$
190


The following table reconciles the denominator for the basic and diluted earnings per share computations shown in the consolidated statements of operations:
 
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
 
2020
 
2019
 
2020
 
2019
Weighted average common shares—basic
 
127,680,478

 
128,485,182

 
127,958,921

 
128,506,712

Plus incremental shares from:
 
 
 
 
 
 
 
 
Assumed exercise of options and vesting of performance stock units
 
143,151

 
365,153

 
174,379

 
375,240

Weighted average common shares—diluted
 
127,823,629

 
128,850,335

 
128,133,300

 
128,881,952

 
 
 
 
 
 
 
 
 
Earnings per common share attributable to Westlake Chemical Corporation:
 
 
 
 
 
 
 
 
Basic
 
$
0.11

 
$
0.92

 
$
1.24

 
$
1.48

Diluted
 
$
0.11

 
$
0.92

 
$
1.24

 
$
1.47


Excluded from the computation of diluted earnings per share are options to purchase 1,303,372 and 562,342 shares of common stock for the three months ended June 30, 2020 and 2019, respectively; and 1,201,505 and 442,076 shares of common stock for the six months ended June 30, 2020 and 2019, respectively. These options were outstanding during the periods reported but were excluded because the effect of including them would have been antidilutive.
Dividends per Share
Dividends per common share for the three and six months ended June 30, 2020 and 2019 were as follows:
 
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
 
2020
 
2019
 
2020
 
2019
Dividends per common share
 
$
0.2625

 
$
0.2500

 
$
0.5250

 
$
0.5000