Earnings and Dividends Per Share

3 Months Ended

Mar. 31, 2021

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):


	Three Months Ended
	March 31,
		2021		2020
Net income attributable to common stockholders		$	35,332	$	61,023

BASIC:
Weighted average common shares outstanding		45,305,087		44,613,593

DILUTED:
Weighted average common shares outstanding		45,305,087		44,613,593
Stock options		10,873		4,546
Convertible senior notes		41,813		—
Weighted average dilutive common shares outstanding		45,357,773		44,618,139

Net income attributable to common stockholders - basic		$	0.78	$	1.37
Net income attributable to common stockholders - diluted		$	0.78	$	1.37

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		216,762		305,862

Regular dividends declared per common share		$	1.1025	$	1.1025