Earnings per share

3 Months Ended

Mar. 31, 2021

Basic earnings per share is computed by dividing net income by the weighted average number of shares of common stock outstanding during the applicable period. Diluted earnings per share is computed by dividing net income by the total of the weighted average number of shares of common stock outstanding during the applicable period, plus the effect of non-vested performance share awards and restricted stock units. Common stock outstanding includes issued shares less shares held in treasury. Net income was the same for both the basic and diluted earnings per share calculations. A reconciliation of the weighted average common shares outstanding used in the basic and diluted earnings per share calculations follows:


	Three Months Ended
	March 31,
	2021		2020
	(In thousands, except per share amounts)
Weighted average common shares outstanding - basic	200,708		200,440
Effect of dilutive performance share awards and restricted stock units	244		16
Weighted average common shares outstanding - diluted	200,952		200,456
Shares excluded from the calculation of diluted earnings per share	—		68
Dividends declared per common share	$	.2125	$	.2075