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EARNINGS PER SHARE | 12 Months Ended
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Dec. 31, 2020
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, |  | 2020 |  |  | 2019 |  |  | 2018 |
Basic Earnings per Share: |  |  |  |  |  |  |  |  |  |  |  |
Net income attributable to Watsco, Inc. shareholders |  | $ | 269,579 |  |  | $ | 245,950 |  |  | $ | 242,932 |
Less: distributed and undistributed earnings allocated to non-vested restricted common stock |  |  | 23,140 |  |  |  | 20,412 |  |  |  | 19,792 |
Earnings allocated to Watsco, Inc. shareholders |  | $ | 246,439 |  |  | $ | 225,538 |  |  | $ | 223,140 |
Weighted-average common shares outstanding - Basic |  |  | 35,069,516 |  |  |  | 34,644,700 |  |  |  | 34,319,890 |
Basic earnings per share for Common and Class B common stock |  | $ | 7.03 |  |  | $ | 6.51 |  |  | $ | 6.50 |
Allocation of earnings for Basic: |  |  |  |  |  |  |  |  |  |  |  |
Common stock |  | $ | 228,361 |  |  | $ | 208,779 |  |  | $ | 206,355 |
Class B common stock |  |  | 18,078 |  |  |  | 16,759 |  |  |  | 16,785 |
|  | $ | 246,439 |  |  | $ | 225,538 |  |  | $ | 223,140 |
Diluted Earnings per Share: |  |  |  |  |  |  |  |  |  |  |  |
Net income attributable to Watsco, Inc. shareholders |  | $ | 269,579 |  |  | $ | 245,950 |  |  | $ | 242,932 |
Less: distributed and undistributed earnings allocated to non-vested restricted common stock |  |  | 23,140 |  |  |  | 20,411 |  |  |  | 19,788 |
Earnings allocated to Watsco, Inc. shareholders |  | $ | 246,439 |  |  | $ | 225,539 |  |  | $ | 223,144 |
Weighted-average common shares outstanding - Basic |  |  | 35,069,516 |  |  |  | 34,644,700 |  |  |  | 34,319,890 |
Effect of dilutive stock options |  |  | 81,055 |  |  |  | 30,941 |  |  |  | 54,379 |
Weighted-average common shares outstanding - Diluted |  |  | 35,150,571 |  |  |  | 34,675,641 |  |  |  | 34,374,269 |
Diluted earnings per share for Common and Class B common stock |  | $ | 7.01 |  |  | $ | 6.50 |  |  | $ | 6.49 |
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, 2020, 2019 , and 2018, our outstanding Class B common stock was convertible into 2,572,536, 2,574,336 , and 2,581,627 shares of our Common stock, respectively. Diluted earnings per share excluded 19,722, 205,380, and 74,270 shares for the years ended December 31, 2020, 2019 , and 2018, 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.

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