Earnings Per Common Share

6 Months Ended

Jun. 30, 2020

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,
	2020			2019			2020			2019
Numerator:
Net income (loss)	$	466,389		$	485,845		$	377,715		$	981,343
Amounts attributable to noncontrolling interests	(167,568		)	(16,891		)	65,223			(63,861		)
Net income (loss) available to Arch	298,821			468,954			442,938			917,482
Preferred dividends	(10,403		)	(10,403		)	(20,806		)	(20,806		)
Net income (loss) available to Arch common shareholders	$	288,418		$	458,551		$	422,132		$	896,676

Denominator:
Weighted average common shares and common share equivalents outstanding — basic	402,503,687			401,482,784			403,197,924			400,837,181
Effect of dilutive common share equivalents:
Nonvested restricted shares	1,597,701			1,937,626			1,829,239			1,720,417
Stock options (1)	4,018,293			7,479,073			5,978,428			7,197,652
Weighted average common shares and common share equivalents outstanding — diluted	408,119,681			410,899,483			411,005,591			409,755,250

Earnings per common share:
Basic	$	0.72		$	1.14		$	1.05		$	2.24
Diluted	$	0.71		$	1.12		$	1.03		$	2.19

(1)

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 2020 second quarter and 2019 second quarter, the number of stock options excluded were 6,982,107 and 2,016,830, respectively. For the six months ended June 30, 2020 and 2019 period, the number of stock options excluded were 2,038,758 and 2,560,755, respectively.