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Earnings Per Common Share
 6 Months Ended
Jun. 30, 2019
Earnings Per Common Share [Abstract]  
Earnings Per Common Share

7. EARNINGS PER COMMON SHARE

 

Basic earnings per share are calculated by dividing net income by the weighted average number of common shares outstanding. Diluted earnings per share reflect the potential dilution that would occur if options granted under various share-based compensation plans were exercised resulting in the issuance of common shares that would participate in the earnings of the entity.

 

Net income (loss) per common share has been computed as per below, based upon weighted average common basic and dilutive shares outstanding.

 

 

Three Months Ended

 

 

Six Months Ended

 

 

June 30,

 

 

June 30,

(Dollars in thousands, except per share amounts)

2019

 

 

2018

 

 

2019

 

 

2018

Net income (loss) per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Numerator

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

$

342,855

 

 

$

69,895

 

 

$

691,755

 

 

$

280,213

 

 

Less: dividends declared-common shares and nonvested common shares

 

(56,999)

 

 

 

(53,240)

 

 

 

(114,136)

 

 

 

(106,480)

 

 

Undistributed earnings

 

285,856

 

 

 

16,655

 

 

 

577,619

 

 

 

173,733

 

 

Percentage allocated to common shareholders (1)

 

98.9

%

 

 

98.9

%

 

 

98.9

%

 

 

98.9

%

 

 

 

282,624

 

 

 

16,477

 

 

 

571,326

 

 

 

171,881

 

 

Add: dividends declared-common shareholders

 

56,394

 

 

 

52,705

 

 

 

112,925

 

 

 

105,403

 

 

Numerator for basic and diluted earnings per common share

$

339,018

 

 

$

69,183

 

 

$

684,251

 

 

$

277,284

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Denominator

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Denominator for basic earnings per weighted-average common shares

 

40,277

 

 

 

40,504

 

 

 

40,291

 

 

 

40,487

 

 

Effect of dilutive securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Options

 

126

 

 

 

206

 

 

 

134

 

 

 

213

 

 

Denominator for diluted earnings per adjusted weighted-average common shares

 

40,404

 

 

 

40,710

 

 

 

40,425

 

 

 

40,699

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Per common share net income (loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

$

8.42

 

 

$

1.71

 

 

$

16.98

 

 

$

6.85

 

 

Diluted

$

8.39

 

 

$

1.70

 

 

$

16.93

 

 

$

6.81

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1)

Basic weighted-average common shares outstanding

 

40,277

 

 

 

40,504

 

 

 

40,291

 

 

 

40,487

 

 

Basic weighted-average common shares outstanding and nonvested common shares expected to vest

 

40,738

 

 

 

40,943

 

 

 

40,735

 

 

 

40,923

 

 

Percentage allocated to common shareholders

 

98.9

%

 

 

98.9

%

 

 

98.9

%

 

 

98.9

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Some amounts may not reconcile due to rounding.)

 

There were no anti-diluted options outstanding for the three and six months ended June 30, 2019 and 2018.

 

All outstanding options expire on or between February 24, 2020 and September 19, 2022.