Earnings Per Share

9 Months Ended

Sep. 30, 2020

Earnings per Share

Basic earnings per share (“EPS”) is calculated by dividing net income attributable to the Company’s common stockholders, including any participating securities, by the weighted average number of shares outstanding for the period. Certain restricted shares issued pursuant to the Company’s share-based compensation program are considered participating securities, as such stockholders have rights to receive non-forfeitable dividends. Fully-diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into shares of common stock. Unvested RSUs are not allocated net losses and/or any excess of dividends declared over net income, as such amounts are allocated entirely to the Company’s common stock.

The following table provides a reconciliation of the numerator and denominator of the EPS calculations for the three and nine months ended September 30, 2020 and 2019 (dollars in thousands, except per share data):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Computation of Basic Earnings Per Share:
Net income	$	27,944	$	80,854	$	96,769	$	212,714
Non-forfeitable dividends on unvested restricted shares	(82)		(176)		(269)		(484)
Net income attributable to the Company’s common stockholders for basic earnings per share	$	27,862	$	80,678	$	96,500	$	212,230

Weighted average number shares outstanding – basic	296,562		298,031		296,982		298,257

Basic earnings per share attributable to the Company’s common stockholders:
Net income per share	$	0.09	$	0.27	$	0.32	$	0.71

Computation of Diluted Earnings Per Share:
Net income attributable to the Company’s common stockholders for diluted earnings per share	$	27,862	$	80,678	$	96,500	$	212,230

Weighted average shares outstanding – basic	296,562		298,031		296,982		298,257
Effect of dilutive securities:
Equity awards	300		848		335		670
Weighted average shares outstanding – diluted	296,862		298,879		297,317		298,927

Diluted earnings per share attributable to the Company’s common stockholders:
Net income per share	$	0.09	$	0.27	$	0.32	$	0.71