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Earnings Per Common Share
 3 Months Ended
Mar. 31, 2022
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

 

 

March 31,

(Dollars in thousands, except per share amounts)

2022

 

2021

Net income (loss) per share:

 

 

 

 

 

 

 

 

Numerator

 

 

 

 

 

 

 

 

Net income (loss)

$

297,751

 

 

$

341,862

 

 

Less: dividends declared-common shares and unvested common shares

 

(61,097)

 

 

 

(62,229)

 

 

Undistributed earnings

 

236,653

 

 

 

279,633

 

 

Percentage allocated to common shareholders (1)

 

98.7

%

 

 

98.7

%

 

 

 

233,504

 

 

 

276,031

 

 

Add: dividends declared-common shareholders

 

60,282

 

 

 

61,415

 

 

Numerator for basic and diluted earnings per common share

$

293,785

 

 

$

337,446

 

 

 

 

 

 

 

 

 

 

 

Denominator

 

 

 

 

 

 

 

 

Denominator for basic earnings per weighted-average common shares

 

38,823

 

 

 

39,543

 

 

Effect of dilutive securities:

 

 

 

 

 

 

 

 

Options

 

14

 

 

 

54

 

 

Denominator for diluted earnings per adjusted weighted-average common shares

 

38,837

 

 

 

39,597

 

 

 

 

 

 

 

 

 

 

 

Per common share net income (loss)

 

 

 

 

 

 

 

 

Basic

$

7.57

 

 

$

8.53

 

 

Diluted

$

7.56

 

 

$

8.52

 

 

 

 

 

 

 

 

 

 

(1)

Basic weighted-average common shares outstanding

 

38,823

 

 

 

39,543

 

 

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

 

39,347

 

 

 

40,059

 

 

Percentage allocated to common shareholders

 

98.7

%

 

 

98.7

%

 

 

 

 

 

 

 

 

 

(Some amounts may not reconcile due to rounding.)

 

 

 

 

 

 

 

There were no anti-diluted options outstanding for the three months ended March 31, 2022 and 2021.

 

All outstanding options granted under share-based compensation plans expire on September 19, 2022.