Earnings per Weighted Average Common Share

9 Months Ended

Sep. 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 September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Earnings attributable to common shareholders - basic and diluted:
Net income from continuing operations	$	44,742	$	15,619	$	85,246	$	71,499
Allocation of income for participating shares		(201)		(80)		(392)		(378)
Net income from continuing operations attributed to common shareholders	$	44,541	$	15,539	$	84,854	$	71,121
Earnings per share denominator - basic and diluted
Total weighted average common shares outstanding, including participating shares		14,974,636		15,299,689		15,155,969		15,275,322
Less: weighted average participating shares		(66,827)		(78,787)		(70,055)		(80,853)
Basic earnings per share denominator		14,907,809		15,220,902		15,085,914		15,194,469
Common equivalent shares- non-vested performance stock grants		122,468		140,006		118,241		142,862
Diluted earnings per share denominator		15,030,277		15,360,908		15,204,155		15,337,331
Basic earnings per share	$	2.99	$	1.02	$	5.62	$	4.68
Diluted earnings per share	$	2.96	$	1.01	$	5.58	$	4.64
Undistributed earnings attributable to common shareholders - basic and diluted:
Net income from continuing operations attributable to common shareholders -Basic	$	2.99	$	1.02	$	5.62	$	4.68
Dividends declared		(0.90)		(0.90)		(2.70)		(2.50)
Undistributed earnings	$	2.09	$	0.12	$	2.92	$	2.18
Net income from continuing operations attributable to common shareholders -Diluted	$	2.96	$	1.01	$	5.58	$	4.64
Dividends declared		(0.90)		(0.90)		(2.70)		(2.50)
Undistributed earnings	$	2.06	$	0.11	$	2.88	$	2.14

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 4 anti-dilutive shares related to non-vested stock grants for the three months ended September 30, 2020 and no anti-dilutive shares related to non-vested stock grants for the nine months ended September 30, 2020, respectively. There were no anti-dilutive shares related to non-vested stock grants for the three and nine months ended September 30, 2019.