Earnings Per Common Share (Tables)

6 Months Ended

Jun. 30, 2022

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,
	2022		2021		2022		2021
Numerator:
Net income (loss)	$	403,945	$	718,664	$	601,377	$	1,194,372
Amounts attributable to noncontrolling interests	399		(43,178)		(1,233)		(80,730)
Net income (loss) available to Arch	404,344		675,486		600,144		1,113,642
Preferred dividends	(10,184)		(11,666)		(20,368)		(22,069)

Net income (loss) available to Arch common shareholders	$	394,160	$	663,820	$	579,776	$	1,091,573

Denominator:


Weighted average common shares and common share equivalents outstanding — basic	369,241,193		397,743,402		371,728,683		399,267,183
Effect of dilutive common share equivalents:
Nonvested restricted shares	2,121,678		1,990,729		2,238,267		1,932,929
Stock options (1)	6,590,117		6,751,863		6,938,562		6,487,568
Weighted average common shares and common share equivalents outstanding — diluted	377,952,988		406,485,994		380,905,512		407,687,680

Earnings per common share:
Basic	$	1.07	$	1.67	$	1.56	$	2.73
Diluted	$	1.04	$	1.63	$	1.52	$	2.68

(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 second quarter and 2021 second quarter, the number of stock options excluded were 773,163 and 1,974,849, respectively. For the six months ended June 30, 2022 and 2021, the number of stock options excluded were 778,724 and 2,395,749, respectively.