Earnings Per Share

6 Months Ended

Jun. 30, 2021

Earnings per Share

Basic earnings per share (“EPS”) is calculated by dividing net income attributable to the Company’s common stockholders, including any participating securities, by the weighted average number of shares outstanding for the period. Certain restricted shares issued pursuant to the Company’s share-based compensation program are considered participating securities, as such stockholders have rights to receive non-forfeitable dividends. Fully-diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into shares of common stock. Unvested RSUs are not allocated net losses and/or any excess of dividends declared over net income, as such amounts are allocated entirely to the Company’s common stock.

The following table provides a reconciliation of the numerator and denominator of the EPS calculations for the three and six months ended June 30, 2021 and 2020 (dollars in thousands, except per share data):


	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Computation of Basic Earnings Per Share:
Net income	$	90,428	$	9,044	$	142,799	$	68,825
Non-forfeitable dividends on unvested restricted shares	(293)		(27)		(434)		(232)
Net income attributable to the Company’s common stockholders for basic earnings per share	$	90,135	$	9,017	$	142,365	$	68,593

Weighted average number shares outstanding – basic	297,216		296,546		297,196		297,194

Basic earnings per share attributable to the Company’s common stockholders:
Net income per share	$	0.30	$	0.03	$	0.48	$	0.23

Computation of Diluted Earnings Per Share:
Net income attributable to the Company’s common stockholders for diluted earnings per share	$	90,135	$	9,017	$	142,365	$	68,593

Weighted average shares outstanding – basic	297,216		296,546		297,196		297,194
Effect of dilutive securities:
Equity awards	1,061		227		1,026		291
Weighted average shares outstanding – diluted	298,277		296,773		298,222		297,485

Diluted earnings per share attributable to the Company’s common stockholders:
Net income per share	$	0.30	$	0.03	$	0.48	$	0.23