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Net Income Per Share
 9 Months Ended
Sep. 30, 2020
Earnings Per Share [Abstract]  
Net Income Per Share NET INCOME PER SHARE
A reconciliation of the shares used in the computation of basic and diluted net income per share is as follows: 
 Three Months Ended September 30,Nine Months Ended September 30,
(AMOUNTS IN THOUSANDS EXCEPT PER SHARE AMOUNTS)2020201920202019
Net Income
Net income attributable to IFF stockholders$84,828 $127,124 $295,639 $372,330 
Adjustment related to decrease in redemption value of redeemable noncontrolling interests in excess of earnings allocated864 1,736 4,964 1,593 
Net income available to IFF stockholders$85,692 $128,860 $300,603 $373,923 
Shares
Weighted average common shares outstanding (basic)(1)
112,183 111,998 112,148 111,953 
Adjustment for assumed dilution(2):
Stock options and restricted stock awards276 332 320 372 
SPC portion of TEUs1,163 1,163 1,163 808 
Weighted average shares assuming dilution (diluted)113,622 113,493 113,631 113,133 
Net Income per Share
Net income per share - basic$0.76 $1.15 $2.68 $3.34 
Net income per share - diluted0.75 1.13 2.64 3.30 
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(1)For the three and nine months ended September 30, 2020 and 2019, the tangible equity units (“TEUs”) were assumed to be outstanding at the minimum settlement amount for basic earnings per share. See below for details.
(2)Effect of dilutive securities includes dilution under stock plans and incremental impact of TEUs. See below for details.
The Company declared a quarterly dividend to its shareholders of $0.77 and $0.75 per share for the three months ended September 30, 2020 and 2019, respectively. For the nine months ended September 30, 2020 and 2019, the Company declared quarterly dividends to its shareholders totaling $2.27 and $2.21 per share, respectively.
There were no stock options or stock-settled appreciation rights (“SSARs”) excluded from the computation of diluted net income per share for the three and nine months ended September 30, 2020 and 2019.
The Company issued 16,500,000 TEUs, consisting of a prepaid stock purchase contract ("SPC") and a senior amortizing note, for net proceeds of $800.2 million on September 17, 2018. For purposes of calculating basic net income per share, the SPCs were assumed to be settled at the minimum settlement amount of 0.3134 shares per SPC on September 30, 2020 and 2019. For purposes of calculating diluted earnings per share, the SPCs were assumed to be settled at a conversion factor not to exceed 0.3839 on September 30, 2020 and 2019. The SPC conversion factor is based on the 20 day volume-weighted average price (“VWAP”) per share of the Company’s common stock. Per the TEU agreement, the maximum settlement amount is 0.3839 shares per SPC.
The Company has issued shares of purchased restricted common stock and purchased restricted common stock units (collectively “PRSUs”) which contain rights to nonforfeitable dividends while these shares are outstanding and thus are considered participating securities. Such securities are required to be included in the computation of basic and diluted earnings per share pursuant to the two-class method. The Company did not present the two-class method since the difference between basic and diluted net income per share for both unrestricted common shareholders and PRSU shareholders was less than $0.01 per share for each period presented, except for the nine months ended September 30, 2020 where the difference was less than $0.03 per share, and the number of PRSUs outstanding as of September 30, 2020 and 2019 was immaterial. Net income allocated to such PRSUs was $0.1 million and $0.2 million for the three months ended September 30, 2020 and 2019, respectively, and $0.5 million for both the nine months ended September 30, 2020 and 2019.