Earnings Per Share

9 Months Ended

Sep. 30, 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 and nine months ended September 30, 2021 and September 30, 2020:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Basic Earnings Per Share
Net Income	$	76,660,548	$	117,092,602	$	276,617,836	$	204,224,370
Less: Dividends and undistributed earnings allocated to participating securities	1,240,581		1,697,281		4,240,503		2,906,048
Net Income available to common shareholders	$	75,419,967	$	115,395,321	$	272,377,333	$	201,318,322

Basic weighted average shares outstanding	234,005,573		241,898,117		236,628,999		243,240,699
Net Income per share - Basic	$	0.32	$	0.48	$	1.15	$	0.83

Diluted Earnings Per Share
Allocation of Net Income used in basic computation	$	75,419,967	$	115,395,321	$	272,377,333	$	201,318,322
Reallocation of undistributed earnings	2,943		4,742		13,289		6,731
Net Income available to common shareholders - Diluted	$	75,422,910	$	115,400,063	$	272,390,622	$	201,325,053

Number of shares used in basic computation	234,005,573		241,898,117		236,628,999		243,240,699
Additional weighted average dilutive common stock equivalents	897,636		918,950		1,108,216		1,026,916
Diluted weighted average shares outstanding	234,903,209		242,817,067		237,737,215		244,267,615

Net Income per share - Diluted	$	0.32	$	0.48	$	1.15	$	0.82

Shares related to stock plans not included in diluted average common shares outstanding because their effect would be anti-dilutive	987,757		412,775		180,669		412,775