Earnings per Weighted Average Common Share

6 Months Ended

Jun. 30, 2020

Earnings per Weighted Average Common Share

Earnings per Weighted Average Common Share

3. Earnings per Weighted Average Common Share

Basic earnings per weighted average common share (“EPS”) are calculated by dividing net income by the weighted average number of basic common shares outstanding during the period. Diluted earnings per share amounts are based on the weighted average number of common shares including non-vested performance stock grants.

The following table sets forth the computation of basic and diluted EPS for the periods indicated.

	Three Months Ended June 30,				Six Months Ended June 30,
	2020		2019		2020		2019
Earnings attributable to common shareholders - basic and diluted:
Net income from continuing operations	$	42,494	$	25,934	$	40,504	$	55,880
Allocation of income for participating shares		(195)		(134)		(190)		(300)
Net income from continuing operations attributed to common shareholders	$	42,299	$	25,800	$	40,314	$	55,580
Earnings per share denominator - basic and diluted
Total weighted average common shares outstanding, including participating shares		15,189,442		15,299,691		15,247,100		15,262,937
Less: weighted average participating shares		(69,403)		(78,869)		(71,691)		(81,903)
Basic earnings per share denominator		15,120,039		15,220,822		15,175,409		15,181,034
Common equivalent shares- non-vested performance stock grants		117,256		125,412		116,777		145,087
Diluted earnings per share denominator		15,237,295		15,346,234		15,292,186		15,326,121
Basic earnings per share	$	2.80	$	1.70	$	2.66	$	3.66
Diluted earnings per share	$	2.78	$	1.68	$	2.64	$	3.63
Undistributed earnings attributable to common shareholders - basic and diluted:
Net income from continuing operations attributable to common shareholders -Basic	$	2.80	$	1.70	$	2.66	$	3.66
Dividends declared		(0.90)		(0.80)		(1.80)		(1.60)
Undistributed earnings	$	1.90	$	0.90	$	0.86	$	2.06
Net income from continuing operations attributable to common shareholders -Diluted	$	2.78	$	1.68	$	2.64	$	3.63
Dividends declared		(0.90)		(0.80)		(1.80)		(1.60)
Undistributed earnings	$	1.88	$	0.88	$	0.84	$	2.03

Diluted EPS excludes non-vested performance stock grants with exercise prices and exercise tax benefits greater than the average market price of the Company’s common stock during the period because their inclusion would be anti-dilutive. There were 2,310 and 106 anti-dilutive shares related to non-vested stock grants for the three and six months ended June 30, 2020, respectively, and no anti-dilutive shares related to non-vested stock grants for the three and six months ended June 30, 2019.