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EARNINGS PER SHARE | 9 Months Ended
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Sep. 30, 2021
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, |
|  | 2021 |  |  | 2020 |  |  | 2021 |  |  | 2020 |
Basic Earnings per Share: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income attributable to Watsco, Inc. shareholders |  | $ | 140,865 |  |  | $ | 106,489 |  |  | $ | 340,059 |  |  | $ | 223,569 |
Less: distributed and undistributed earnings allocated to non-vested restricted common stock |  |  | 12,590 |  |  |  | 9,146 |  |  |  | 30,182 |  |  |  | 19,178 |
Earnings allocated to Watsco, Inc. shareholders |  | $ | 128,275 |  |  | $ | 97,343 |  |  | $ | 309,877 |  |  | $ | 204,391 |
Weighted-average common shares outstanding - Basic |  |  | 35,260,126 |  |  |  | 35,099,871 |  |  |  | 35,222,865 |  |  |  | 35,046,156 |
Basic earnings per share for Common and Class B common stock |  | $ | 3.64 |  |  | $ | 2.77 |  |  | $ | 8.80 |  |  | $ | 5.83 |
Allocation of earnings for Basic: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common stock |  | $ | 118,905 |  |  | $ | 90,197 |  |  | $ | 287,217 |  |  | $ | 189,364 |
Class B common stock |  |  | 9,370 |  |  |  | 7,146 |  |  |  | 22,660 |  |  |  | 15,027 |
|  | $ | 128,275 |  |  | $ | 97,343 |  |  | $ | 309,877 |  |  | $ | 204,391 |
Diluted Earnings per Share: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income attributable to Watsco, Inc. shareholders |  | $ | 140,865 |  |  | $ | 106,489 |  |  | $ | 340,059 |  |  | $ | 223,569 |
Less: distributed and undistributed earnings allocated to non-vested restricted common stock |  |  | 12,563 |  |  |  | 9,135 |  |  |  | 30,132 |  |  |  | 19,175 |
Earnings allocated to Watsco, Inc. shareholders |  | $ | 128,302 |  |  | $ | 97,354 |  |  | $ | 309,927 |  |  | $ | 204,394 |
Weighted-average common shares outstanding - Basic |  |  | 35,260,126 |  |  |  | 35,099,871 |  |  |  | 35,222,865 |  |  |  | 35,046,156 |
Effect of dilutive stock options |  |  | 181,852 |  |  |  | 137,151 |  |  |  | 177,389 |  |  |  | 62,887 |
Weighted-average common shares outstanding - Diluted |  |  | 35,441,978 |  |  |  | 35,237,022 |  |  |  | 35,400,254 |  |  |  | 35,109,043 |
Diluted earnings per share for Common and Class B common stock |  | $ | 3.62 |  |  | $ | 2.76 |  |  | $ | 8.75 |  |  | $ | 5.82 |
Anti-dilutive stock options not included above |  |  | 63,959 |  |  |  | 3,750 |  |  |  | 27,513 |  |  |  | 27,755 |
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, 2021 and 2020, our outstanding Class B common stock was convertible into 2,575,698 and 2,576,570 shares of our Common stock, respectively.

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