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Earnings Per Common Share | 6 Months Ended
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Jun. 30, 2021
Earnings Per Common Share [Abstract] |
Earnings Per Common Share | 6. 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) | 2021 |  | 2020 |  | 2021 |  | 2020
Net income (loss) per share: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Numerator |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Net income (loss) | $ | 679,982 |  |  | $ | 190,880 |  |  | $ | 1,021,844 |  |  | $ | 207,492 |
| Less: dividends declared-common shares and unvested common shares |  | (62,045) |  |  |  | (61,927) |  |  |  | (124,274) |  |  |  | (125,205) |
| Undistributed earnings |  | 617,937 |  |  |  | 128,953 |  |  |  | 897,570 |  |  |  | 82,287 |
| Percentage allocated to common shareholders (1) |  | 98.6 | % |  |  | 98.7 | % |  |  | 98.7 | % |  |  | 98.7 | %
|  |  | 609,411 |  |  |  | 127,233 |  |  |  | 885,595 |  |  |  | 81,224 |
| Add: dividends declared-common shareholders |  | 61,245 |  |  |  | 61,148 |  |  |  | 122,659 |  |  |  | 123,637 |
| Numerator for basic and diluted earnings per common share | $ | 670,656 |  |  | $ | 188,381 |  |  | $ | 1,008,254 |  |  | $ | 204,861 |
| Denominator |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Denominator for basic earnings per weighted-average common shares |  | 39,527 |  |  |  | 39,449 |  |  |  | 39,535 |  |  |  | 39,827 |
| Effect of dilutive securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Options |  | 41 |  |  |  | 69 |  |  |  | 48 |  |  |  | 81 |
| Denominator for diluted earnings per adjusted weighted-average common shares |  | 39,567 |  |  |  | 39,519 |  |  |  | 39,582 |  |  |  | 39,908 |
| Per common share net income (loss) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Basic | $ | 16.97 |  |  | $ | 4.78 |  |  | $ | 25.50 |  |  | $ | 5.14 |
| Diluted | $ | 16.95 |  |  | $ | 4.77 |  |  | $ | 25.47 |  |  | $ | 5.13 |
(1) | Basic weighted-average common shares outstanding |  | 39,527 |  |  |  | 39,449 |  |  |  | 39,535 |  |  |  | 39,827 |
| Basic weighted-average common shares outstanding and unvested common shares expected to vest |  | 40,080 |  |  |  | 39,983 |  |  |  | 40,069 |  |  |  | 40,348 |
| Percentage allocated to common shareholders |  | 98.6 | % |  |  | 98.7 | % |  |  | 98.7 | % |  |  | 98.7 | %
(Some amounts may not reconcile due to rounding.) |  |  |  |  |  |  |  |
There were no anti-diluted options outstanding for the three and six months ended June 30, 2021 and 2020. All outstanding options expire on or between February 22, 2022 and September 19, 2022.

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