Earnings Per Common Share (Tables)

6 Months Ended

Jun. 30, 2021

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				Six Months Ended
	June 30,				June 30,
	2021		2020		2021		2020
Numerator:
Net income (loss)	$	718,664	$	466,389	$	1,194,372	$	377,715
Amounts attributable to noncontrolling interests	(43,178)		(167,568)		(80,730)		65,223
Net income (loss) available to Arch	675,486		298,821		1,113,642		442,938
Preferred dividends	(11,666)		(10,403)		(22,069)		(20,806)

Net income (loss) available to Arch common shareholders	$	663,820	$	288,418	$	1,091,573	$	422,132

Denominator:


Weighted average common shares and common share equivalents outstanding — basic	397,743,402		402,503,687		399,267,183		403,197,924
Effect of dilutive common share equivalents:
Nonvested restricted shares	1,990,729		1,597,701		1,932,929		1,829,239
Stock options (1)	6,751,863		4,018,293		6,487,568		5,978,428
Weighted average common shares and common share equivalents outstanding — diluted	406,485,994		408,119,681		407,687,680		411,005,591

Earnings per common share:
Basic	$	1.67	$	0.72	$	2.73	$	1.05
Diluted	$	1.63	$	0.71	$	2.68	$	1.03

(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 second quarter and 2020 second quarter, the number of stock options excluded were 1,974,849 and 6,982,107, respectively. For the six months ended June 30, 2021 and 2020 period, the number of stock options excluded were 2,395,749 and 2,038,758, respectively.