Earnings per common share

6 Months Ended

Jun. 30, 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						Six Months Ended
	June 30,						June 30,
	2020		2019		2020		2019
	(In thousands, except per share amounts)
Weighted average common shares outstanding - basic	200,522		198,270		200,481		197,341
Effect of dilutive performance share awards and restricted stock units	17		17		16		15
Weighted average common shares outstanding - diluted	200,539		198,287		200,497		197,356
Shares excluded from the calculation of diluted earnings per share	187		—		191		93
Dividends declared per common share	$	.2075	$	.2025	$	.4150	$	.4050