Earnings and Dividends Per Share

9 Months Ended

Sep. 30, 2019

Earnings Per Share [Abstract]

Earnings Per Share

EARNINGS AND DIVIDENDS PER COMMON SHARE

The weighted average number of common shares outstanding during the reporting period is used to calculate basic earnings per common share. Diluted earnings per common share assume the exercise of stock options and the conversion of our convertible debt using the treasury stock method, to the extent dilutive. If our average stock price for the period increases over the conversion price of our convertible debt, the conversion feature will be considered dilutive.

The following table summarizes the average number of common shares and the net income used in the calculation of basic and diluted earnings per common share (in thousands, except share and per share amounts):

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2019		2018		2019		2018
Net income attributable to common stockholders	$	42,758	$	40,979	$	118,417	$	117,251
BASIC:
Weighted average common shares outstanding	43,505,332		42,187,077		43,187,847		41,808,017
DILUTED:
Weighted average common shares outstanding	43,505,332		42,187,077		43,187,847		41,808,017
Stock options	79,933		98,269		73,924		66,917
Convertible subordinated debentures	275,824		149,153		232,943		57,802
Weighted average dilutive common shares outstanding	43,861,089		42,434,499		43,494,714		41,932,736
Net income attributable to common stockholders - basic	$	.98	$	.97	$	2.74	$	2.80
Net income attributable to common stockholders - diluted	$	.97	$	.97	$	2.72	$	2.80
Incremental anti-dilutive shares excluded:
Net share effect of stock options with an exercise price in excess of the average market price for our common shares	7,858		615		11,200		31,616
Regular dividends declared per common share	$	1.05	$	1.00	$	3.15	$	3.00