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EARNINGS PER SHARE | 9 Months Ended
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Sep. 30, 2020
EARNINGS PER SHARE |
3. | EARNINGS PER SHARE
The following table presents the calculation of basic and diluted earnings per share for our Common and Class B common stock:
|  | Quarter Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2020 |  |  | 2019 |  |  | 2020 |  |  | 2019 |
Basic Earnings per Share: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income attributable to Watsco, Inc. shareholders |  | $ | 106,489 |  |  | $ | 83,480 |  |  | $ | 223,569 |  |  | $ | 208,672 |
Less: distributed and undistributed earnings allocated to non-vested restricted common stock |  |  | 9,146 |  |  |  | 6,973 |  |  |  | 19,178 |  |  |  | 17,326 |
Earnings allocated to Watsco, Inc. shareholders |  | $ | 97,343 |  |  | $ | 76,507 |  |  | $ | 204,391 |  |  | $ | 191,346 |
Weighted-average common shares outstanding - Basic |  |  | 35,099,871 |  |  |  | 34,755,627 |  |  |  | 35,046,156 |  |  |  | 34,544,425 |
Basic earnings per share for Common and Class B common stock |  | $ | 2.77 |  |  | $ | 2.20 |  |  | $ | 5.83 |  |  | $ | 5.54 |
Allocation of earnings for Basic: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common stock |  | $ | 90,197 |  |  | $ | 70,836 |  |  | $ | 189,364 |  |  | $ | 177,075 |
Class B common stock |  |  | 7,146 |  |  |  | 5,671 |  |  |  | 15,027 |  |  |  | 14,271 |
|  | $ | 97,343 |  |  | $ | 76,507 |  |  | $ | 204,391 |  |  | $ | 191,346 |
Diluted Earnings per Share: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income attributable to Watsco, Inc. shareholders |  | $ | 106,489 |  |  | $ | 83,480 |  |  | $ | 223,569 |  |  | $ | 208,672 |
Less: distributed and undistributed earnings allocated to non-vested restricted common stock |  |  | 9,135 |  |  |  | 6,971 |  |  |  | 19,175 |  |  |  | 17,325 |
Earnings allocated to Watsco, Inc. shareholders |  | $ | 97,354 |  |  | $ | 76,509 |  |  | $ | 204,394 |  |  | $ | 191,347 |
Weighted-average common shares outstanding - Basic |  |  | 35,099,871 |  |  |  | 34,755,627 |  |  |  | 35,046,156 |  |  |  | 34,544,425 |
Effect of dilutive stock options |  |  | 137,151 |  |  |  | 33,328 |  |  |  | 62,887 |  |  |  | 25,294 |
Weighted-average common shares outstanding - Diluted |  |  | 35,237,022 |  |  |  | 34,788,955 |  |  |  | 35,109,043 |  |  |  | 34,569,719 |
Diluted earnings per share for Common and Class B common stock |  | $ | 2.76 |  |  | $ | 2.20 |  |  | $ | 5.82 |  |  | $ | 5.54 |
Anti-dilutive stock options not included above |  |  | 3,750 |  |  |  | 183,083 |  |  |  | 27,755 |  |  |  | 220,013 |
Diluted earnings per share for our Common stock assumes the conversion of all of 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 September 30, 2020 and 2019, our outstanding Class B common stock was convertible into 2,576,570 and 2,576,336 shares of our Common stock, respectively.

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