Earnings and Dividends Per Share

12 Months Ended

Dec. 31, 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. Dilution resulting from the conversion option within our convertible debt is determined by computing an average of incremental shares included in each quarterly diluted EPS computation. 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):


	Year Ended December 31,
	2020		2019		2018
Net income attributable to common stockholders	$	185,126	$	160,456	$	154,333

BASIC:
Weighted average common shares outstanding	44,696,285		43,417,828		41,943,873

DILUTED:
Weighted average common shares outstanding	44,696,285		43,417,828		41,943,873
Stock options	1,719		75,196		67,735
Convertible subordinated debentures	—		210,224		80,123
Weighted average dilutive common shares outstanding	44,698,004		43,703,248		42,091,731

Net income attributable to common stockholders - basic	$	4.14	$	3.70	$	3.68
Net income attributable to common stockholders - diluted	$	4.14	$	3.67	$	3.67

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	390,596		4,678		518

Regular dividends declared per common share	$	4.41	$	4.20	$	4.00