Earnings and Dividends Per Share

3 Months Ended

Mar. 31, 2020

EARNINGS AND DIVIDENDS PER COMMON SHAREThe 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
	March 31,
	2020		2019
Net income attributable to common stockholders	$	61,023	$	35,679

BASIC:
Weighted average common shares outstanding	44,613,593		42,825,824

DILUTED:
Weighted average common shares outstanding	44,613,593		42,825,824
Stock options	4,546		75,695
Convertible subordinated debentures	—		223,513
Weighted average dilutive common shares outstanding	44,618,139		43,125,032

Net income attributable to common stockholders - basic	$	1.37	$	0.83
Net income attributable to common stockholders - diluted	$	1.37	$	0.83

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	305,862		17,415

Regular dividends declared per common share	$	1.1025	$	1.05