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Earnings Per Common Share
 6 Months Ended
Jun. 30, 2017
Earnings Per Share [Abstract]  
Earnings Per Common Share
Earnings Per Common Share
The following table sets forth the computation of basic and diluted earnings per common share:
 
Three Months Ended

Six Months Ended
 
June 30,
 
June 30,
 
2017
 
2016
 
2017
 
2016
Numerator:
 
 
 
 
 
 
 
Net income
$
199,099

 
$
249,357

 
$
473,134

 
$
424,984

Amounts attributable to noncontrolling interests
(13,932
)
 
(38,302
)
 
(34,840
)
 
(59,131
)
Net income available to Arch
185,167

 
211,055

 
438,294

 
365,853

Preferred dividends
(11,349
)
 
(5,485
)
 
(22,567
)
 
(10,969
)
Net income available to Arch common shareholders
$
173,818

 
$
205,570

 
$
415,727

 
$
354,884

 
 
 
 
 
 
 
 
Denominator:
 
 
 
 
 
 
 
Weighted average common shares outstanding
123,009,234

 
120,599,060

 
122,145,469

 
120,513,620

Series D preferred shares (1)
11,477,430

 
—

 
12,116,574

 
—

Weighted average common shares and common share equivalents outstanding — basic
134,486,664

 
120,599,060

 
134,262,043

 
120,513,620

Effect of dilutive common share equivalents:
 
 
 
 
 
 
 
Nonvested restricted shares
1,482,963

 
1,295,342

 
1,556,963

 
1,374,272

Stock options (2)
3,275,019

 
2,471,194

 
3,321,626

 
2,537,234

Weighted average common shares and common share equivalents outstanding — diluted
139,244,646

 
124,365,596

 
139,140,632

 
124,425,126

 
 
 
 
 
 
 
 
Earnings per common share:
 
 
 
 
 
 
 
Basic
$
1.29

 
$
1.70

 
$
3.10

 
$
2.94

Diluted
$
1.25

 
$
1.65

 
$
2.99

 
$
2.85

(1)
Such shares are convertible non-voting common equivalent preferred shares issued in connection with the UGC acquisition.
(2)
Certain stock options were not included in the computation of diluted earnings per share where the exercise price of the stock options exceeded the average market price and would have been anti-dilutive or where, when applying the treasury stock method to in-the-money options, the sum of the proceeds, including unrecognized compensation, exceeded the average market price and would have been anti-dilutive. For the 2017 second quarter and 2016 second quarter, the number of stock options excluded were 499,999 and 575,931, respectively. For the six months ended June 30, 2017 and 2016, the number of stock options excluded were 764,076 and 1,027,784, respectively.