Earnings per Common Share

12 Months Ended

Dec. 31, 2020

Basic earnings per share (EPS) is computed by dividing net income by the weighted-average number of common shares outstanding for the period. Diluted EPS is similarly calculated except that the common shares outstanding for the period is increased using the treasury stock method to reflect the potential dilution that could occur if outstanding stock awards were vested or exercised at the end of the applicable period. Anti-dilutive shares represent potentially dilutive securities that are excluded from the computation of diluted income or loss per share as their impact would be anti-dilutive.

The following is a calculation of basic and diluted weighted-average shares outstanding:


	Year Ended December 31,
(In thousands)	2020	2019	2018
Weighted-average shares - basic	398,521	415,514	445,538
Dilution effect of stock awards at end of period	2,001	1,937	2,030
Weighted-average shares - diluted	400,522	417,451	447,568

The following is a calculation of weighted-average shares excluded from diluted EPS due to the anti-dilutive effect:


	Year Ended December 31,
(In thousands)	2020	2019	2018

Weighted-average stock awards excluded from diluted EPS due to the anti-dilutive effect calculated using the treasury stock method	2	669	3