Earnings Per Share

3 Months Ended

Mar. 31, 2021

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 months ended March 31, 2021 and March 31, 2020:


	Three Months Ended March 31,
		2021		2020
Basic Earnings Per Share
Net Income		$	113,450,870	$	89,505,801
Less: Dividends and undistributed earnings allocated to participating securities		1,671,188		1,221,016
Net Income available to common shareholders		$	111,779,682	$	88,284,785

Basic weighted average shares outstanding		239,559,370		246,309,869
Net Income per share - Basic		$	0.47	$	0.36

Diluted Earnings Per Share
Allocation of Net Income used in basic computation		$	111,779,682	$	88,284,785
Reallocation of undistributed earnings		10,883		4,184
Net Income available to common shareholders - Diluted		$	111,790,565	$	88,288,969

Number of shares used in basic computation		239,559,370		246,309,869
Additional weighted average dilutive common stock equivalents		2,133,781		1,306,574
Diluted weighted average shares outstanding		241,693,151		247,616,443

Net Income per share - Diluted		$	0.46	$	0.36

Shares related to stock plans not included in diluted average common shares outstanding because their effect would be anti-dilutive		271,383		177,966