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EARNINGS PER SHARE
 12 Months Ended
Dec. 31, 2019
EARNINGS PER SHARE
4. EARNINGS PER SHARE
The following table presents the calculation of basic and diluted earnings per share for our Common and Class B common stock:
Years Ended December 31,
  
2019
 
  
2018
 
  
2017
 
Basic Earnings per Share:
 
 
 
  
 
 
  
 
 
Net income attributable to Watsco, Inc. shareholders
 
$
245,950
 
   $
242,932
    $
208,221
 
Less: distributed and undistributed earnings allocated to
non-vested
restricted common stock
  
 
20,412
 
    
19,792
     
17,430
 
                         
Earnings allocated to Watsco, Inc. shareholders
 
$
225,538
 
   $
223,140
    $
190,791
 
                         
Weighted-average common shares outstanding - Basic
 
 
34,644,700
 
    
34,319,890
     
32,824,947
 
                         
Basic earnings per share for Common and Class B common stock
 
$
6.51
 
   $
6.50
    $
5.81
 
                         
Allocation of earnings for Basic:
   
     
     
 
Common stock
 
$
208,779
 
   $
206,355
    $
175,667
 
Class B common stock
 
 
16,759
 
    
16,785
     
15,124
 
                         
  
$
225,538
 
   $
223,140
    $
190,791
 
                         
Diluted Earnings per Share:
 
 
 
  
 
 
  
 
 
Net income attributable to Watsco, Inc. shareholders
 
$
245,950
 
   $
242,932
    $
208,221
 
Less: distributed and undistributed earnings allocated to
non-vested
restricted common stock
  
 
20,411
 
    
19,788
     
17,427
 
                         
Earnings allocated to Watsco, Inc. shareholders
 
$
225,539
 
   $
223,144
    $
190,794
 
                         
Weighted-average common shares outstanding - Basic
 
 
34,644,700
 
    
34,319,890
     
32,824,947
 
Effect of dilutive stock options
 
 
30,941
 
    
54,379
     
37,686
 
                         
Weighted-average common shares outstanding - Diluted
 
 
34,675,641
 
    
34,374,269
     
32,862,633
 
                         
Diluted earnings per share for Common and Class B common stock
 
$
6.50
 
   $
6.49
    $
5.81
 
                         
Diluted earnings per share for our Common stock assumes the conversion
of
all our Class B common stock into Common stock as of the beginning of the fiscal year; therefore, no allocation of earnings to Class B common stock is required. At December 31, 2019, 2018 and 2017, our outstanding Class B common stock was convertible into 2,574,336, 2,581,627 and 2,601,996 shares of our Common stock, respectively.
Diluted earnings per share excluded 205,380, 74,270 and 11,664 shares for the years ended December 31, 2019, 2018 and 2017, respectively, related to stock options with an exercise price per share greater than the average market value, resulting in an anti-dilutive effect on diluted earnings per share.