Earnings Per Share

3 Months Ended

Mar. 31, 2021

Earnings Per Share:

Basic and diluted earnings per share for the three-month periods ended March 31, 2021 and 2020 are calculated as follows (in thousands, except per share amounts):


	Three Months Ended March 31,
		2021		2020
Basic earnings per share
Numerator:
Net income attributable to Albemarle Corporation		$	95,677	$	107,204
Denominator:
Weighted-average common shares for basic earnings per share		112,592		106,227
Basic earnings per share		$	0.85	$	1.01

Diluted earnings per share
Numerator:
Net income attributable to Albemarle Corporation		$	95,677	$	107,204
Denominator:
Weighted-average common shares for basic earnings per share		112,592		106,227
Incremental shares under stock compensation plans		738		285
Weighted-average common shares for diluted earnings per share		113,330		106,512
Diluted earnings per share		$	0.84	$	1.01

At March 31, 2021, there were 62,479 common stock equivalents not included in the computation of diluted earnings per share because their effect would have been anti-dilutive.

On February 8, 2021, we completed an underwritten public offering of 8,496,773 shares of our common stock, par value $0.01 per share, at a price to the public of $153.00 per share. The Company also granted to the underwriters an option to purchase up to an additional 1,274,509 shares, which was exercised. The total gross proceeds from this offering were approximately $1.5 billion, before deducting expenses, underwriting discounts and commissions. The net proceeds were used for debt repayments and general corporate purposes. See Note 8, “Long-Term Debt,” for further details.

On February 25, 2021, the Company declared a cash dividend of $0.39, an increase from the prior year regular quarterly dividend. This dividend was paid on April 1, 2021 to shareholders of record at the close of business as of March 12, 2021. On May 4, 2021, the Company declared a cash dividend of $0.39 per share, which is payable on July 1, 2021 to shareholders of record at the close of business as of June 11, 2021.