Earnings and Dividends Per Share

3 Months Ended

Mar. 31, 2022

Earnings Per Common ShareThe weighted average number of common shares outstanding during the reporting period is used to calculate basic earnings per common share. Diluted earnings per common share assume the exercise of stock options and the conversion of our convertible debt prior to its retirement using the treasury stock method, to the extent dilutive. Dilution resulting from the conversion option

within our convertible debt that was repaid in April 2021 was determined by computing an average of incremental shares included in the three months ended March 31, 2021 diluted EPS computation.

The following table summarizes the average number of common shares and the net income used in the calculation of basic and diluted earnings per common share ($ in thousands, except share and per share amounts):


	Three Months Ended
	March 31,
	2022		2021
Net income attributable to common stockholders	$	8,399	$	35,332

BASIC:
Weighted average common shares outstanding	45,850,686		45,305,087

DILUTED:
Weighted average common shares outstanding	45,850,686		45,305,087
Stock options	375		10,873
Convertible senior notes	—		41,813
Weighted average dilutive common shares outstanding	45,851,061		45,357,773

Net income attributable to common stockholders - basic	$	0.18	$	0.78
Net income attributable to common stockholders - diluted	$	0.18	$	0.78

Incremental anti-dilutive shares excluded:
Net share effect of stock options with an exercise price in excess of the average market price for our common shares	481,068		216,762

Regular dividends declared per common share	$	0.90	$	1.1025