Earnings and Dividends Per Share

9 Months Ended

Sep. 30, 2020

Earnings 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,
	2020		2019		2020		2019
Net income attributable to common stockholders	$	42,595	$	42,758	$	147,986	$	118,417

BASIC:
Weighted average common shares outstanding	44,661,650		43,505,332		44,641,748		43,187,847

DILUTED:
Weighted average common shares outstanding	44,661,650		43,505,332		44,641,748		43,187,847
Stock options	753		79,933		1,766		73,924
Convertible subordinated debentures	—		275,824		—		232,943
Weighted average dilutive common shares outstanding	44,662,403		43,861,089		44,643,514		43,494,714

Net income attributable to common stockholders - basic	$	0.95	$	0.98	$	3.31	$	2.74
Net income attributable to common stockholders - diluted	$	0.95	$	0.97	$	3.31	$	2.72

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	410,012		7,858		427,180		11,200

Regular dividends declared per common share	$	1.1025	$	1.05	$	3.3075	$	3.15