Earnings Per Share

9 Months Ended

Sep. 30, 2021

Earnings Per Share:

Basic and diluted earnings per share for the three-month and nine-month periods ended September 30, 2021 and 2020 are calculated as follows (in thousands, except per share amounts):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Basic earnings per share
Numerator:
Net (loss) income attributable to Albemarle Corporation	$	(392,781)	$	98,301	$	127,496	$	291,129
Denominator:
Weighted-average common shares for basic earnings per share	116,965		106,386		115,455		106,314
Basic (loss) earnings per share	$	(3.36)	$	0.92	$	1.10	$	2.74

Diluted earnings per share
Numerator:
Net (loss) income attributable to Albemarle Corporation	$	(392,781)	$	98,301	$	127,496	$	291,129
Denominator:
Weighted-average common shares for basic earnings per share	116,965		106,386		115,455		106,314
Incremental shares under stock compensation plans	—		487		685		326
Weighted-average common shares for diluted earnings per share	116,965		106,873		116,140		106,640
Diluted (loss) earnings per share	$	(3.36)	$	0.92	$	1.10	$	2.73

On February 8, 2021, we completed an underwritten public offering of 8,496,773 shares of our common stock, par value $0.01 per share, at a price to the public of $153.00 per share. The Company also granted to the underwriters an option to purchase up to an additional 1,274,509 shares, which was exercised. The total gross proceeds from this offering were approximately $1.5 billion, before deducting expenses, underwriting discounts and commissions. The net proceeds were used for debt repayments and general corporate purposes. See Note 9, “Long-Term Debt,” for further details.

On July 20, 2021, the Company declared a cash dividend of $0.39, an increase from the prior year regular quarterly dividend. This dividend was paid on October 1, 2021 to shareholders of record at the close of business as of September 17, 2021. On October 25, 2021, the Company declared a cash dividend of $0.39 per share, which is payable on January 3, 2022 to shareholders of record at the close of business as of December 17, 2021.