Earnings Per Share

6 Months Ended

Jun. 30, 2021

Earnings Per Share [Abstract]

Earnings Per Share

Earnings Per ShareThe 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 six months ended June 30, 2021 and June 30, 2020 respectively:

	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Basic Earnings (Loss) Per Share
Net Income (Loss)	$	86,506,418	$	(2,374,033)	$	199,957,288	$	87,131,768
Less: Dividends and undistributed earnings allocated to participating securities	1,324,767		439,327		2,974,367		1,245,275
Net Income (Loss) available to common shareholders	$	85,181,651	$	(2,813,360)	$	196,982,921	$	85,886,493
Basic weighted average shares outstanding	238,602,197		241,684,323		238,198,668		243,983,276
Net Income (Loss) per share - Basic	$	0.36	$	(0.01)	$	0.83	$	0.35
Diluted Earnings (Loss) Per Share
Allocation of Net Income (Loss) used in basic computation	$	85,181,651	$	(2,813,360)	$	196,982,921	$	85,886,493
Reallocation of undistributed earnings	3,980		—		10,464		1,697
Net Income (Loss) available to common shareholders - Diluted	$	85,185,631	$	(2,813,360)	$	196,993,385	$	85,888,190
Number of shares used in basic computation	238,602,197		241,684,323		238,198,668		243,983,276
Additional weighted average dilutive common stock equivalents	1,130,301		—		1,218,528		1,085,380
Diluted weighted average shares outstanding	239,732,498		241,684,323		239,417,196		245,068,656
Net Income (Loss) per share - Diluted	$	0.36	$	(0.01)	$	0.82	$	0.35
Shares related to stock plans not included in diluted average common shares outstanding because their effect would be anti-dilutive	270,475		1,636,661		137,484		428,948