Earnings Per Common Share

9 Months Ended

Sep. 30, 2021

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.