Earnings and Dividends Per Share

6 Months Ended

Jun. 30, 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 prior to its retirement using the treasury stock method, to the extent dilutive. Dilution resulting from the conversion option within our convertible debt was determined by computing an average of incremental shares included in each diluted EPS computation.

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				Six Months Ended
	June 30,				June 30,
	2021		2020		2021		2020
Net income attributable to common stockholders	$	39,183	$	44,368	$	74,513	$	105,392

BASIC:
Weighted average common shares outstanding	45,850,599		44,650,002		45,577,843		44,631,797

DILUTED:
Weighted average common shares outstanding	45,850,599		44,650,002		45,577,843		44,631,797
Stock options	7,475		—		9,174		2,273
Convertible senior notes	—		—		20,907		—
Weighted average dilutive common shares outstanding	45,858,074		44,650,002		45,607,924		44,634,070

Net income attributable to common stockholders - basic	$	0.85	$	0.99	$	1.63	$	2.36
Net income attributable to common stockholders - diluted	$	0.85	$	0.99	$	1.63	$	2.36

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	290,998		610,367		248,223		439,962

Regular dividends declared per common share	$	0.90	$	1.1025	$	2.0025	$	2.205