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Earnings Per Share

9 Months Ended

Sep. 30, 2020

Note 6. Earnings Per Share

Basic earnings per share is computed by dividing net income by the weighted-average number of common shares outstanding for the period. Diluted earnings per share reflects the potential dilution that would occur if securities or other contracts to issue common stock were exercised or converted into common stock; however, potential common equivalent shares are excluded if the effect of including these shares would be anti-dilutive. The Company’s two classes of common stock, Class A and Class B Non-Voting, have equal rights to dividends and income, and therefore, basic and diluted earnings per share are the same for each class of common stock. As of September 30, 2020, the Company did not have any Class B Non-Voting common stock outstanding.

Diluted earnings per share takes into account the potential conversion of stock options, restricted stock units, and warrants using the treasury stock method and convertible notes using the if-converted method. For the three and nine months ended September 30, 2020, the Company did not exclude any potentially dilutive securities, whose effect would have been anti-dilutive, from the computation of diluted earnings per share. The Company excluded 1,032,305 and 946,406 shares related to restricted stock units for which the performance metric had yet to be achieved as of September 30, 2020 and 2019, respectively.

The following table sets forth the reconciliation of basic and diluted earnings per share (in thousands, except share and per share amounts):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Basic earnings per share:
Numerator
Net income	$	120,395	$	155,787	$	405,171	$	422,186
Preferred stock dividends		(3,843)		(3,844)		(11,531)		(8,115)
Net income available to common stockholders	$	116,552	$	151,943	$	393,640	$	414,071
Denominator
Weighted-average common shares outstanding		113,778,533		112,133,556		113,647,585		111,511,960
Basic earnings per share	$	1.02	$	1.36	$	3.46	$	3.71
Diluted earnings per share:
Numerator
Net income	$	120,395	$	155,787	$	405,171	$	422,186
Preferred stock dividends		(3,843)		(3,844)		(11,531)		(8,115)
Net income available to common stockholders	$	116,552	$	151,943	$	393,640	$	414,071
Denominator
Number of shares used in basic computation		113,778,533		112,133,556		113,647,585		111,511,960
Weighted-average effect of dilutive securities		172,569		1,129,840		281,190		1,325,566
Number of shares used in per share computation		113,951,102		113,263,396		113,928,775		112,837,526
Diluted earnings per share	$	1.02	$	1.34	$	3.46	$	3.67