Per Share Data

9 Months Ended

Sep. 30, 2020

Earnings Per Share [Abstract]

Per Share Data

3. Per Share Data

Basic earnings per share is computed using net income attributable to common shareholders and the weighted average number of common shares outstanding. Diluted earnings per share reflects common shares issuable from the assumed conversion of common share options and unvested share awards, units convertible into common shares, and shares which could be settled under equity forward sales agreements. Only those items having a dilutive impact on our basic earnings per share are included in diluted earnings per share. Our unvested share-based awards are considered participating securities and are reflected in the calculation of basic and diluted earnings per share using the two-class method. Common shares under a forward sales agreement will be considered in our calculation for diluted earnings-per-share until settlement, using the treasury stock method. The number of common share equivalent securities excluded from the diluted earnings per share calculation were approximately 2.0 million for each of the three and nine months ended September 30, 2020 and approximately 1.9 million for each of the three and nine months ended September 30, 2019. These securities, which include common share options and share awards granted and units convertible into common shares, were excluded from the diluted earnings per share calculations as they are anti-dilutive. The following table presents information necessary to calculate basic and diluted earnings per share for the periods indicated:

	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands, except per share amounts)	2020		2019		2020		2019
Earnings per common share calculation – basic
Income from continuing operations attributable to common shareholders	$	34,957	$	43,597	$	94,718	$	124,609
Amount allocated to participating securities	(74)		(89)		(204)		(284)
Net income attributable to common shareholders – basic	$	34,883	$	43,508	$	94,514	$	124,325
Total earnings per common share – basic	$	0.35	$	0.44	$	0.95	$	1.27
Weighted average number of common shares outstanding – basic	99,419		98,959		99,372		98,259
Earnings per common share calculation – diluted
Net income attributable to common shareholders – diluted	$	34,883	$	43,508	$	94,514	$	124,325
Total earnings per common share – diluted	$	0.35	$	0.44	$	0.95	$	1.26
Weighted average number of common shares outstanding – basic	99,419		98,959		99,372		98,259
Incremental shares issuable from assumed conversion of:
Common share options and share awards granted	36		107		42		116
Weighted average number of common shares outstanding – diluted	99,455		99,066		99,414		98,375