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Earnings Per Common Share

3 Months Ended

Mar. 31, 2020

Earnings Per Common Share [Abstract]

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
		March 31,
(Dollars in thousands, except per share amounts)		2020			2019
Net income (loss) per share:
	Numerator
	Net income (loss)	$	16,612		$	354,551
	Less: dividends declared-common shares and nonvested common shares		(63,277)			(57,137)
	Undistributed earnings		(46,666)			297,415
	Percentage allocated to common shareholders (1)		98.7	%		99.0	%
			(46,082)			294,298
	Add: dividends declared-common shareholders		62,488			56,531
	Numerator for basic and diluted earnings per common share	$	16,406		$	350,829

	Denominator
	Denominator for basic earnings per weighted-average common shares		40,204			40,304
	Effect of dilutive securities:
	Options		92			141
	Denominator for diluted earnings per adjusted weighted-average common shares		40,296			40,445

	Per common share net income (loss)
	Basic	$	0.41		$	8.70
	Diluted	$	0.41		$	8.67

⁽¹⁾	Basic weighted-average common shares outstanding		40,204			40,304
	Basic weighted-average common shares outstanding and nonvested common shares expected to vest		40,713			40,731
	Percentage allocated to common shareholders		98.7	%		99.0	%

(Some amounts may not reconcile due to rounding.)

There were no anti-diluted options outstanding for the three months ended March 31, 2020 and 2019.

All outstanding options expire on or between February 24, 2021 and September 19, 2022.