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Common Stock
 3 Months Ended
Mar. 31, 2020
Common Stock, Number of Shares, Par Value and Other Disclosures [Abstract]  
Common Stock and Earnings Per Share Information Common Stock
Dividends. The Company paid $15.7 million and $14.7 million in quarterly cash dividends during the three months ended March 31, 2020 and 2019, respectively. The Company paid a total of $62.7 million and $58.6 million in quarterly cash dividends during the twelve months ended March 31, 2020 and 2019, respectively.

Under the Merger Agreement, the Company is not allowed to declare or pay dividends or distributions on shares of common stock in an amount in excess of $0.385 per share for quarterly dividends declared before June 1, 2020 and $0.41 per share for quarterly dividends declared on or after June 1, 2020. See Part I, Item 1, Financial Statements, Note M of Notes to Financial Statements for further discussion.
       Basic and Diluted Earnings Per Share. The basic and diluted earnings per share are presented below (in thousands except for share data):
 
Three Months Ended March 31,
 
Twelve Months Ended March 31,
 
2020
 
2019
 
2020
 
2019
Weighted average number of common shares outstanding:
 
 
 
 
 
 
 
Basic number of common shares outstanding
40,653,326

 
40,582,936

 
40,623,151

 
40,543,986

Dilutive effect of unvested performance awards
—

 
80,817

 
68,810

 
117,242

Diluted number of common shares outstanding
40,653,326

 
40,663,753

 
40,691,961

 
40,661,228

Basic net income (loss) per common share:
 
 
 
 
 
 
 
Net income (loss)
$
(35,209
)
 
$
6,089

 
$
81,739

 
$
97,370

Income allocated to participating restricted stock
(43
)
 
(47
)
 
(250
)
 
(340
)
Net income (loss) available to common shareholders
$
(35,252
)
 
$
6,042

 
$
81,489

 
$
97,030

Diluted net income (loss) per common share:
 
 
 
 

 

Net income (loss)
$
(35,209
)
 
$
6,089

 
$
81,739

 
$
97,370

Income reallocated to participating restricted stock
(43
)
 
(47
)
 
(250
)
 
(339
)
Net income (loss) available to common shareholders
$
(35,252
)
 
$
6,042

 
$
81,489

 
$
97,031

Basic net income (loss) per common share:
 
 
 
 

 

Distributed earnings
$
0.385

 
$
0.36

 
$
1.54

 
$
1.44

Undistributed earnings (losses)
(1.255
)
 
(0.21
)
 
0.47

 
0.95

Basic net income (loss) per common share
$
(0.870
)
 
$
0.15

 
$
2.01

 
$
2.39

Diluted net income (loss) per common share:
 
 
 
 

 

Distributed earnings
$
0.385

 
$
0.36

 
$
1.54

 
$
1.44

Undistributed earnings (losses)
(1.255
)
 
(0.21
)
 
0.46

 
0.95

Diluted net income (loss) per common share
$
(0.870
)
 
$
0.15

 
$
2.00

 
$
2.39


The number of restricted stock awards and performance shares at 100% performance level excluded from the calculation of the diluted number of common shares outstanding because their effect was antidilutive is presented below:
 
Three Months Ended
 
Twelve Months Ended
 
March 31,
 
March 31,
 
2020
 
2019
 
2020
 
2019
Restricted stock awards
53,100

 
62,605

 
49,270

 
60,432

Performance shares (a)
—

 
43,652

 
—

 
22,234

________________________
(a)
Certain performance shares were excluded from the computation of diluted earnings per share as no payouts would have been required based upon performance at the end of each corresponding period.