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Earnings Per Common Share
 9 Months Ended
Sep. 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

 

Nine Months Ended

 

 

September 30,

 

September 30,

(Dollars in thousands, except per share amounts)

2021

 

2020

 

2021

 

2020

Net income (loss) per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Numerator

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

$

(73,468)

 

 

$

243,057

 

 

$

948,376

 

 

$

450,549

 

 

Less: dividends declared-common shares and unvested common shares

 

(61,457)

 

 

 

(61,910)

 

 

 

(185,731)

 

 

 

(187,115)

 

 

Undistributed earnings

 

(134,925)

 

 

 

181,148

 

 

 

762,646

 

 

 

263,435

 

 

Percentage allocated to common shareholders (1)

 

100.0

%

 

 

98.8

%

 

 

98.7

%

 

 

98.7

%

 

 

 

(134,925)

 

 

 

178,938

 

 

 

752,414

 

 

 

260,096

 

 

Add: dividends declared-common shareholders

 

61,457

 

 

 

61,199

 

 

 

183,333

 

 

 

184,836

 

 

Numerator for basic and diluted earnings per common share

$

(73,468)

 

 

$

240,138

 

 

$

935,748

 

 

$

444,931

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Denominator

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Denominator for basic earnings per weighted-average common shares

 

39,161

 

 

 

39,483

 

 

 

39,409

 

 

 

39,711

 

 

Effect of dilutive securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Options

 

36

 

 

 

74

 

 

 

44

 

 

 

79

 

 

Denominator for diluted earnings per adjusted weighted-average common shares

 

39,197

 

 

 

39,557

 

 

 

39,452

 

 

 

39,790

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Per common share net income (loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

$

(1.88)

 

 

$

6.08

 

 

$

23.74

 

 

$

11.20

 

 

Diluted

$

(1.88)

 

 

$

6.07

 

 

$

23.72

 

 

$

11.18

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1)

Basic weighted-average common shares outstanding

 

39,161

 

 

 

39,483

 

 

 

39,409

 

 

 

39,711

 

 

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

 

39,161

 

 

 

39,971

 

 

 

39,945

 

 

 

40,221

 

 

Percentage allocated to common shareholders

 

100.0

%

 

 

98.8

%

 

 

98.7

%

 

 

98.7

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Some amounts may not reconcile due to rounding.)

 

 

 

 

 

 

 

 

There were no anti-diluted options outstanding for the three and nine months ended September 30, 2021 and 2020.

 

All outstanding options granted under share-based compensation plans expire on or between February 22, 2022 and September 19, 2022.