Earnings per share

9 Months Ended

Sep. 30, 2021

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 non-vested 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,
	2021		2020		2021		2020
	(In thousands, except per share amounts)
Weighted average common shares outstanding - basic	202,863		200,522		201,647		200,495
Effect of dilutive performance share awards and restricted stock units	327		97		308		20
Weighted average common shares outstanding - diluted	203,190		200,619		201,955		200,515
Shares excluded from the calculation of diluted earnings per share	—		87		—		139
Dividends declared per common share	$	.2125	$	.2075	$	.6375	$	.6225