| Earnings Per Common Share |
Note 2 Earnings Per Common Share The computation of basic and diluted earnings per common share is presented below for the periods indicated (in thousands, except share and per share data): | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | Nine Months Ended September 30, | | c | 2021 | | 2020 | | 2021 | | 2020 | | | | Basic earnings per common share: | | | | | | | | | | | Numerator: | | | | | | | | | | Net income | $ | 86,941 | | | $ | 66,559 | | | $ | 289,729 | | | $ | 112,116 | | | | Distributed and undistributed earnings allocated to participating securities | (1,112) | | | (2,896) | | | (3,701) | | | (4,816) | | | | | Income allocated to common stockholders for basic earnings per common share | $ | 85,829 | | | $ | 63,663 | | | $ | 286,028 | | | $ | 107,300 | | | | | Denominator: | | | | | | | | | | | Weighted average common shares outstanding | 92,053,714 | | | 92,405,239 | | | 92,787,824 | | | 92,918,030 | | | | | Less average unvested stock awards | (1,208,304) | | | (1,183,564) | | | (1,218,416) | | | (1,164,317) | | | | | Weighted average shares for basic earnings per common share | 90,845,410 | | | 91,221,675 | | | 91,569,408 | | | 91,753,713 | | | | | Basic earnings per common share | $ | 0.94 | | | $ | 0.70 | | | $ | 3.12 | | | $ | 1.17 | | | | | Diluted earnings per common share: | | | | | | | | | | | Numerator: | | | | | | | | | | | Income allocated to common stockholders for basic earnings per common share | $ | 85,829 | | | $ | 63,663 | | | $ | 286,028 | | | $ | 107,300 | | | | Adjustment for earnings reallocated from participating securities | 2 | | | 4 | | | 5 | | | 3 | | | | | Income used in calculating diluted earnings per common share | $ | 85,831 | | | $ | 63,667 | | | $ | 286,033 | | | $ | 107,303 | | | | | Denominator: | | | | | | | | | | | Weighted average shares for basic earnings per common share | 90,845,410 | | | 91,221,675 | | | 91,569,408 | | | 91,753,713 | | | | | Dilutive effect of stock options and certain shared-based awards | 182,448 | | | 171,054 | | | 152,675 | | | 142,008 | | | | Weighted average shares for diluted earnings per common share | 91,027,858 | | | 91,392,729 | | | 91,722,083 | | | 91,895,721 | | | | | Diluted earnings per common share | $ | 0.94 | | | $ | 0.70 | | | $ | 3.12 | | | $ | 1.17 | | | |
Potentially dilutive unvested shares and share units totaling 1,205,136 and 1,206,358 were outstanding at September 30, 2021 and 2020, respectively, but excluded from the calculation of diluted earnings per common share because their inclusion would have been anti-dilutive. Participating securities for the three and nine months ended September 30, 2020 included 3,023,314 dividend equivalent rights that were issued in conjunction with the IPO of the Company's common stock. These dividend equivalent rights expired in February 2021 and, while outstanding, participated in dividends on a one-for-one basis.
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