Three Months Ended

Six Months Ended

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.)