Earnings Per Share

3 Months Ended

Mar. 31, 2019

The Company has unvested share-based payment awards with a right to receive non-forfeitable dividends, which are considered participating securities under ASC Topic 260, Earnings Per Share. The Company allocates earnings to participating securities and computes earnings per share using the two-class method. Under the two-class method, net income per share is computed by dividing net income allocated to common shareholders by the weighted average number of common shares outstanding for the period. In applying the two-class method, net income is allocated to both common shares and participating securities based on their respective weighted average shares outstanding for the period. The following table sets forth the computation of basic and diluted net income per common share under the two-class method for the three months ended March 31, 2019 and March 31, 2018, respectively:


	Three months ended March 31,
	2019		2018
Basic Earnings Per Share
Net Income	$	104,280,411	$	111,248,743
Less: Allocated to participating securities	1,081,933		833,316
Net Income available to common shareholders	$	103,198,478	$	110,415,427

Basic weighted average shares outstanding	257,822,836		274,759,516
Net Income per share - Basic	$	0.40	$	0.40

Diluted Earnings Per Share
Allocation of Net Income used in basic computation	$	103,198,478	$	110,415,427
Reallocation of undistributed earnings	3,813		6,011
Net Income per share - Diluted	$	103,202,291	$	110,421,438

Number of shares used in basic computation	257,822,836		274,759,516
Additional dilutive common stock equivalents	1,282,396		2,749,912
Diluted weighted average shares outstanding	259,105,232		277,509,428

Net income per share - Diluted	$	0.40	$	0.40

Shares related to stock plans not included in diluted average common shares outstanding because their effect would be anti-dilutive	1,799,477		156,467