Earnings per common share

3 Months Ended

Mar. 31, 2020

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
	March 31,
	2020		2019
	(In thousands, except per share amounts)
Weighted average common shares outstanding - basic	200,440		196,401
Effect of dilutive performance share awards and restricted stock units	16		13
Weighted average common shares outstanding - diluted	200,456		196,414
Shares excluded from the calculation of diluted earnings per share	68		64
Dividends declared per common share	$	.2075	$	.2025