Earnings Per Share

9 Months Ended

Sep. 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 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. 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 per common share under the two-class method for the three and nine months ended September 30, 2020 and September 30, 2019:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Basic Earnings Per Share
Net (Loss) Income	$	117,092,602	$	111,897,852	$	204,224,370	$	325,136,888
Less: Dividends and undistributed earnings allocated to participating securities	1,697,281		1,389,659		2,906,048		3,699,548
Net (Loss) Income available to common shareholders	$	115,395,321	$	110,508,193	$	201,318,322	$	321,437,340

Basic weighted average shares outstanding	241,898,117		251,075,859		243,240,699		252,811,950
Net (Loss) Income per share - Basic	$	0.48	$	0.44	$	0.83	$	1.27

Diluted Earnings Per Share
Allocation of Net (Loss) Income used in basic computation	$	115,395,321	$	110,508,193	$	201,318,322	$	321,437,340
Reallocation of undistributed earnings	4,742		6,051		6,731		15,389
Net (Loss) Income available to common shareholders - Diluted	$	115,400,063	$	110,514,244	$	201,325,053	$	321,452,729

Number of shares used in basic computation	241,898,117		251,075,859		243,240,699		252,811,950
Additional weighted average dilutive common stock equivalents	918,950		1,503,123		1,026,916		1,455,901
Diluted weighted average shares outstanding	242,817,067		252,578,982		244,267,615		254,267,851

Net (Loss) Income per share - Diluted	$	0.48	$	0.44	$	0.82	$	1.26

Shares related to stock plans not included in diluted average common shares outstanding because their effect would be anti-dilutive	412,775		3,054		412,775		170,386