Earnings Per Share

12 Months Ended

Dec. 31, 2020

. Earnings Per Share

We had 19,951 shares in 2020, 20,441 shares in 2019, and 18,892 shares in 2018 of nonvested restricted stock that were excluded from the calculation of diluted earnings per share, as their effect on earnings per share would be anti-dilutive.

The nonvested restricted stock is considered a participating security since the restricted stock contains nonforfeitable rights to dividends. As such, we use the two-class method to compute basic and diluted earnings per share for all periods presented since this method yields the most dilutive result. The following table illustrates the earnings allocation method utilized in the calculation of basic and diluted earnings per share.


	Years Ended December 31,
(in thousands, except per-share amounts)	2020		2019		2018
Earnings per share numerator:
Net income attributable to common shareholders before allocation of earnings to participating securities	$	270,568	$	254,286	$	234,734
Earnings allocated to participating securities	448		441		474
Net income attributable to common shareholders after allocation of earnings to participating securities	$	270,120	$	253,845	$	234,260
Earnings per share denominator:
Weighted-average number of shares of common stock outstanding - basic and diluted	10,961		11,166		11,515


Earnings per share - basic and diluted	$	24.64	$	22.73	$	20.34