Earnings per common share

9 Months Ended

Sep. 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				Nine Months Ended
	September 30,				September 30,
	2020		2019		2020		2019
	(In thousands, except per share amounts)
Weighted average common shares outstanding - basic	200,522		199,343		200,495		198,016
Effect of dilutive performance share awards and restricted stock units	97		40		20		17
Weighted average common shares outstanding - diluted	200,619		199,383		200,515		198,033
Shares excluded from the calculation of diluted earnings per share	87		155		139		243
Dividends declared per common share	$	.2075	$	.2025	$	.6225	$	.6075