Earnings Per Common Share

3 Months Ended

Mar. 31, 2022

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


	Three Months Ended
	March 31,
	2022		2021
Numerator:
Net income (loss)	$	197,432	$	475,708
Amounts attributable to noncontrolling interests	(1,632)		(37,552)
Net income (loss) available to Arch	195,800		438,156
Preferred dividends	(10,184)		(10,403)

Net income (loss) available to Arch common shareholders	$	185,616	$	427,753

Denominator:


Weighted average common shares and common share equivalents outstanding — basic	374,243,812		400,807,895
Effect of dilutive common share equivalents:
Nonvested restricted shares	2,659,922		2,230,794
Stock options (1)	7,290,629		6,184,564
Weighted average common shares and common share equivalents outstanding — diluted	384,194,363		409,223,253

Earnings per common share:
Basic	$	0.50	$	1.07
Diluted	$	0.48	$	1.05

(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 2022 first quarter and 2021 first quarter, the number of stock options excluded were 769,026 and 2,400,082, respectively.