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Earnings Per Common Share
 9 Months Ended
Sep. 30, 2019
Earnings Per Common Share [Abstract]  
Earnings Per Common Share

8. 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

 

 

Nine Months Ended

 

 

September 30,

 

 

September 30,

(Dollars in thousands, except per share amounts)

2019

 

 

2018

 

 

2019

 

 

2018

Net income (loss) per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Numerator

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

$

104,398

 

 

$

198,381

 

 

$

791,817

 

 

$

474,354

 

 

Less: dividends declared-common shares and nonvested common shares

 

(56,995)

 

 

 

(52,863)

 

 

 

(171,131)

 

 

 

(159,343)

 

 

Undistributed earnings

 

47,403

 

 

 

145,519

 

 

 

620,687

 

 

 

315,012

 

 

Percentage allocated to common shareholders (1)

 

98.9

%

 

 

99.0

%

 

 

98.9

%

 

 

98.9

%

 

 

 

46,869

 

 

 

144,024

 

 

 

613,847

 

 

 

311,695

 

 

Add: dividends declared-common shareholders

 

56,403

 

 

 

52,356

 

 

 

169,329

 

 

 

157,759

 

 

Numerator for basic and diluted earnings per common share

$

103,273

 

 

$

196,379

 

 

$

783,176

 

 

$

469,454

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Denominator

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Denominator for basic earnings per weighted-average common shares

 

40,287

 

 

 

40,350

 

 

 

40,289

 

 

 

40,441

 

 

Effect of dilutive securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Options

 

125

 

 

 

192

 

 

 

131

 

 

 

206

 

 

Denominator for diluted earnings per adjusted weighted-average common shares

 

40,411

 

 

 

40,542

 

 

 

40,421

 

 

 

40,646

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Per common share net income (loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

$

2.56

 

 

$

4.87

 

 

$

19.44

 

 

$

11.61

 

 

Diluted

$

2.56

 

 

$

4.84

 

 

$

19.38

 

 

$

11.55

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1)

Basic weighted-average common shares outstanding

 

40,287

 

 

 

40,350

 

 

 

40,289

 

 

 

40,441

 

 

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

 

40,746

 

 

 

40,769

 

 

 

40,738

 

 

 

40,871

 

 

Percentage allocated to common shareholders

 

98.9

%

 

 

99.0

%

 

 

98.9

%

 

 

98.9

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Some amounts may not reconcile due to rounding.)

 

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

 

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