Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 2020

The following is a summary of the elements used in calculating basic and diluted earnings per common share:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Numerator:
Net income attributable to NGHC	$	109,969	$	71,154	$	377,302	$	240,788
Preferred stock dividends - nonconvertible	(7,875)		(7,875)		(23,625)		(23,625)
Preferred stock dividends - convertible	—		—		(1,050)		(1,050)
Numerator for basic EPS	102,094		63,279		352,627		216,113
Effect of dilutive securities:
Preferred stock dividends - convertible	—		—		1,050		1,050
Numerator for diluted EPS - after assumed conversions	$	102,094	$	63,279	$	353,677	$	217,163
Denominator:
Denominator for basic EPS - weighted-average shares outstanding	113,418,411		113,263,367		113,505,785		113,153,121
Effect of dilutive securities:
Employee stock options	1,924,602		1,823,012		1,654,114		1,881,295
RSUs	533,888		262,637		282,480		263,635
Convertible preferred stock	789,473		789,473		789,473		789,473
Dilutive potential common shares	3,247,963		2,875,122		2,726,067		2,934,403
Denominator for diluted EPS - weighted-average shares outstanding and assumed conversions	116,666,374		116,138,489		116,231,852		116,087,524
EPS attributable to NGHC common stockholders:
Basic EPS	$	0.90	$	0.56	$	3.11	$	1.91
Diluted EPS	$	0.88	$	0.54	$	3.04	$	1.87