Earnings Per Common Share (Tables)

12 Months Ended

Dec. 31, 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:


	Year Ended December 31,
	2021		2020		2019
Numerator:
Net income	$	2,239,462	$	1,465,711	$	1,693,300
Amounts attributable to noncontrolling interests	(82,613)		(60,190)		(56,981)
Net income available to Arch	2,156,849		1,405,521		1,636,319
Preferred dividends	(48,343)		(41,612)		(41,612)
Loss on redemption of preferred shares	(15,101)		—		—
Net income available to Arch common shareholders	$	2,093,405	$	1,363,909	$	1,594,707

Denominator:
Weighted average common shares outstanding	391,748,715		403,062,179		401,802,815


Effect of dilutive common share equivalents:
Nonvested restricted shares	1,996,524		1,682,309		1,673,770
Stock options (1)	6,600,697		5,514,967		8,132,893
Weighted average common shares and common share equivalents outstanding – diluted	400,345,936		410,259,455		411,609,478

Earnings per common share:
Basic	$	5.34	$	3.38	$	3.97
Diluted	$	5.23	$	3.32	$	3.87

(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 2021, 2020 and 2019, the number of stock options excluded were 2,398,608, 2,249,821 and 1,302,017, respectively.