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Earnings Per Common Share
 6 Months Ended
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.