Earnings Per Share

6 Months Ended

Jun. 30, 2020

The Company has unvested share-based payment awards with a right to receive non-forfeitable dividends, which are considered participating securities under ASC 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 (loss) 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 (loss) is allocated to both common shares and participating securities based on their respective weighted average shares outstanding for the period. For a period of net loss, net loss is not allocated to participating securities.

The following table sets forth the computation of basic and diluted net income (loss) per common share under the two-class method for the three and six months ended June 30, 2020 and June 30, 2019, respectively:


	Three Months Ended June 30,									Six Months Ended June 30,
	2020			2019				2020		2019
Basic Earnings Per Share
Net (Loss) Income	$	(2,374,033)		$	108,958,625			$	87,131,768	$	213,239,036
Less: Dividends and undistributed earnings allocated to participating securities	439,327			1,256,243				1,245,275		2,348,020
Net (Loss) Income available to common shareholders	$	(2,813,360)		$	107,702,382			$	85,886,493	$	210,891,016

Basic weighted average shares outstanding	241,684,323			255,219,868				243,983,276		256,350,600
Net (Loss) Income per share - Basic	$	(0.01)		$	0.42			$	0.35	$	0.82

Diluted Earnings Per Share
Allocation of Net (Loss) Income used in basic computation	$	(2,813,360)		$	107,702,382	$	—	$	85,886,493	$	210,891,016
Reallocation of undistributed earnings	—			4,848				1,697		8,842
Net (Loss) Income available to common shareholders - Diluted	$	(2,813,360)		$	107,707,230			$	85,888,190	$	210,899,858

Number of shares used in basic computation	241,684,323			255,219,868				243,983,276		256,350,600
Additional weighted average dilutive common stock equivalents	—			1,359,753				1,085,380		1,344,285
Diluted weighted average shares outstanding	241,684,323		0	256,579,621		0		245,068,656		257,694,885

Net (Loss) Income per share - Diluted	$	(0.01)		$	0.42			$	0.35	$	0.82

Shares related to stock plans not included in diluted average common shares outstanding because their effect would be anti-dilutive	1,636,661			1,013,332				428,948		1,011,948