Earnings Per Common Share

3 Months Ended

Mar. 31, 2021

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


	Three Months Ended
	March 31,
	2021		2020
Numerator:
Net income (loss)	$	475,708	$	(88,674)
Amounts attributable to noncontrolling interests	(37,552)		232,791
Net income (loss) available to Arch	438,156		144,117
Preferred dividends	(10,403)		(10,403)

Net income (loss) available to Arch common shareholders	$	427,753	$	133,714

Denominator:


Weighted average common shares and common share equivalents outstanding — basic	400,807,895		403,892,161
Effect of dilutive common share equivalents:
Nonvested restricted shares	2,230,794		2,275,473
Stock options (1)	6,184,564		7,865,936
Weighted average common shares and common share equivalents outstanding — diluted	409,223,253		414,033,570

Earnings per common share:
Basic	$	1.07	$	0.33
Diluted	$	1.05	$	0.32

(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 2021 first quarter and 2020 first quarter, the number of stock options excluded were 2,400,082 and 1,155,088, respectively.