Earnings per common share

6 Months Ended

Jun. 30, 2019

Earnings per share

Basic earnings per share is computed by dividing net income by the weighted average number of shares of common stock outstanding during the applicable period. Diluted earnings per share is computed by dividing net income by the total of the weighted average number of shares of common stock outstanding during the applicable period, plus the effect of nonvested performance share awards and restricted stock units. Common stock outstanding includes issued shares less shares held in treasury. Net income was the same for both the basic and diluted earnings per share calculations. A reconciliation of the weighted average common shares outstanding used in the basic and diluted earnings per share calculations follows:



	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2019		2018		2019		2018
	(In thousands, except per share amounts)
Weighted average common shares outstanding - basic	198,270		195,524		197,341		195,415
Effect of dilutive performance share awards and restricted stock units	17		645		15		662
Weighted average common shares outstanding - diluted	198,287		196,169		197,356		196,077
Shares excluded from the calculation of diluted earnings per share	—		—		93		—
Dividends declared per common share	$	.2025	$	.1975	$	.4050	$	.3950