Earnings Per Common Share (Tables)

9 Months Ended

Sep. 30, 2020

Earnings Per Share [Abstract]

Computation of Basic and Diluted Earnings Per Common Share

The computation of basic and diluted earnings per common share is presented below for the periods indicated (in thousands, except share and per share data):

	Three Months Ended September 30,				Nine Months Ended September 30,
c	2020		2019		2020		2019
Basic earnings per common share:
Numerator:
Net income	$	66,559	$	76,219	$	112,116	$	223,642
Distributed and undistributed earnings allocated to participating securities	(2,896)		(3,174)		(4,816)		(9,247)
Income allocated to common stockholders for basic earnings per common share	$	63,663	$	73,045	$	107,300	$	214,395
Denominator:
Weighted average common shares outstanding	92,405,239		95,075,395		92,918,030		97,113,878
Less average unvested stock awards	(1,183,564)		(1,098,509)		(1,164,317)		(1,147,988)
Weighted average shares for basic earnings per common share	91,221,675		93,976,886		91,753,713		95,965,890
Basic earnings per common share	$	0.70	$	0.78	$	1.17	$	2.23
Diluted earnings per common share:
Numerator:
Income allocated to common stockholders for basic earnings per common share	$	63,663	$	73,045	$	107,300	$	214,395
Adjustment for earnings reallocated from participating securities	4		7		3		20
Income used in calculating diluted earnings per common share	$	63,667	$	73,052	$	107,303	$	214,415
Denominator:
Weighted average shares for basic earnings per common share	91,221,675		93,976,886		91,753,713		95,965,890
Dilutive effect of stock options and certain shared-based awards	171,054		285,934		142,008		303,524
Weighted average shares for diluted earnings per common share	91,392,729		94,262,820		91,895,721		96,269,414
Diluted earnings per common share	$	0.70	$	0.77	$	1.17	$	2.23