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Computation of Earnings per Common Share | 9 Months Ended
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Sep. 30, 2020
Earnings Per Share [Abstract] |
Computation of Earnings per Common Share | Note 2. Computation of Earnings per Common Share Basic EPS is computed by dividing the net income available to common shareholders by the weighted average number of common shares outstanding during the period. Diluted EPS is computed using the same method as basic EPS, however, the computation reflects the potential dilution that would occur if outstanding in-the-money stock options were exercised and converted into common stock. Unvested stock-based compensation awards containing non-forfeitable rights to dividends paid on the Company’s common stock are considered participating securities, and therefore are included in the two-class method for calculating EPS. Under the two-class method, all earnings (distributed and undistributed) are allocated to common shares and participating securities based on their respective rights to receive dividends on the common stock. The Company grants restricted stock to certain employees under its stock-based compensation plan. Recipients receive cash dividends during the vesting periods of these awards, including on the unvested portion of such awards. Since these dividends are non-forfeitable, the unvested awards are considered participating securities and therefore have earnings allocated to them. The following table presents the Company’s computation of basic and diluted EPS for the periods indicated:
|  | Three Months Ended |  |  | Nine Months Ended |
|  | September 30, |  |  | September 30, |
(in thousands, except share and per share amounts) |  | 2020 |  |  | 2019 |  |  | 2020 |  |  | 2019 |
Net income available to common shareholders |  | $ | 107,563 |  |  | $ | 90,839 |  |  | $ | 296,824 |  |  | $ | 269,248 |
Less: Dividends paid on and earnings allocated to participating securities |  |  | (1,295 | ) |  |  | (1,073 | ) |  |  | (3,658 | ) |  |  | (3,245 | )
Earnings applicable to common stock |  | $ | 106,268 |  |  | $ | 89,766 |  |  | $ | 293,166 |  |  | $ | 266,003 |
Weighted average common shares outstanding |  |  | 461,780,959 |  |  |  | 465,357,326 |  |  |  | 462,898,726 |  |  |  | 465,400,372 |
Basic earnings per common share |  | $ | 0.23 |  |  | $ | 0.19 |  |  | $ | 0.63 |  |  | $ | 0.57 |
Earnings applicable to common stock |  | $ | 106,268 |  |  | $ | 89,766 |  |  | $ | 293,166 |  |  | $ | 266,003 |
Weighted average common shares outstanding |  |  | 461,780,959 |  |  |  | 465,357,326 |  |  |  | 462,898,726 |  |  |  | 465,400,372 |
Potential dilutive common shares |  |  | 864,855 |  |  |  | 418,674 |  |  |  | 614,082 |  |  |  | 237,708 |
Total shares for diluted earnings per common share computation |  |  | 462,645,814 |  |  |  | 465,776,000 |  |  |  | 463,512,808 |  |  |  | 465,638,080 |
Diluted earnings per common share and common share equivalents |  | $ | 0.23 |  |  | $ | 0.19 |  |  | $ | 0.63 |  |  | $ | 0.57 |

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- Definition The entire disclosure for earnings per share. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=109243012&loc=SL65017193-207537 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -URI http://asc.fasb.org/topic&trid=2144383 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3630-109257 + Details
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