Earnings Per Common Share (Tables)

9 Months Ended

Sep. 30, 2019

Earnings Per Share [Abstract]

Schedule of computation of basic and diluted earnings per common share

The following table sets forth the computation of basic and diluted earnings per common share:

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2019			2018			2019			2018
Numerator:
Net income	$	399,189		$	248,766		$	1,380,532		$	671,497
Amounts attributable to noncontrolling interests	(6,736		)	(21,358		)	(70,597		)	(50,020		)
Net income available to Arch	392,453			227,408			1,309,935			621,477
Preferred dividends	(10,403		)	(10,402		)	(31,209		)	(31,242		)
Loss on redemption of preferred shares	—			—			—			(2,710		)
Net income available to Arch common shareholders	$	382,050		$	217,006		$	1,278,726		$	587,525
Denominator:
Weighted average common shares outstanding	402,564,121			402,939,092			401,419,153			400,649,105
Series D preferred shares (1)	—			—			—			4,427,123
Weighted average common shares and common share equivalents outstanding — basic	402,564,121			402,939,092			401,419,153			405,076,228
Effect of dilutive common share equivalents:
Nonvested restricted shares	1,895,972			1,619,286			1,637,015			1,568,044
Stock options (2)	8,720,108			7,162,836			7,751,234			7,348,920
Weighted average common shares and common share equivalents outstanding — diluted	413,180,201			411,721,214			410,807,402			413,993,192
Earnings per common share:
Basic	$	0.95		$	0.54		$	3.19		$	1.45
Diluted	$	0.92		$	0.53		$	3.11		$	1.42

(1) Such shares are convertible non-voting common equivalent preferred shares issued in connection with the UGC acquisition. See note 2.

(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 2019 third quarter and 2018 third quarter, the number of stock options excluded were 37,394 and 4,396,352, respectively. For the nine months ended September 30, 2019 and 2018 period, the number of stock options excluded were 2,198,115 and 5,481,584, respectively.