Earnings Per Share

6 Months Ended

Jun. 30, 2021

Earnings Per Share [Abstract]

Earnings Per Share

Earnings Per Share:

Basic and diluted earnings per share for the three-month and six-month periods ended June 30, 2021 and 2020 are calculated as follows (in thousands, except per share amounts):

	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Basic earnings per share
Numerator:
Net income attributable to Albemarle Corporation	$	424,600	$	85,624	$	520,277	$	192,828
Denominator:
Weighted-average common shares for basic earnings per share	116,809		106,329		114,700		106,278
Basic earnings per share	$	3.63	$	0.81	$	4.54	$	1.81
Diluted earnings per share
Numerator:
Net income attributable to Albemarle Corporation	$	424,600	$	85,624	$	520,277	$	192,828
Denominator:
Weighted-average common shares for basic earnings per share	116,809		106,329		114,700		106,278
Incremental shares under stock compensation plans	627		206		683		246
Weighted-average common shares for diluted earnings per share	117,436		106,535		115,383		106,524
Diluted earnings per share	$	3.62	$	0.80	$	4.51	$	1.81

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 May 4, 2021, the Company declared a cash dividend of $0.39, an increase from the prior year regular quarterly dividend. This dividend was paid on July 1, 2021 to shareholders of record at the close of business as of June 11, 2021. On July 20, 2021, the Company declared a cash dividend of $0.39 per share, which is payable on October 1, 2021 to shareholders of record at the close of business as of September 17, 2021.