Earnings Per Common Share (Tables)

9 Months Ended

Sep. 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				Nine Months Ended
	September 30,				September 30,
	2022		2021		2022		2021
Numerator:
Net income (loss)	$	18,258	$	421,415	$	619,635	$	1,615,787
Amounts attributable to noncontrolling interests	(1,157)		(1,473)		(2,390)		(82,203)
Net income (loss) available to Arch	17,101		419,942		617,245		1,533,584
Preferred dividends	(10,184)		(16,090)		(30,552)		(38,159)
Loss on redemption of preferred shares	—		(15,101)		—		(15,101)
Net income (loss) available to Arch common shareholders	$	6,917	$	388,751	$	586,693	$	1,480,324

Denominator:


Weighted average common shares and common share equivalents outstanding — basic	365,190,527		389,274,220		369,525,348		395,899,591
Effect of dilutive common share equivalents:
Nonvested restricted shares	2,351,039		2,131,915		2,171,158		1,877,930
Stock options (1)	6,185,711		6,497,212		6,676,674		6,482,964
Weighted average common shares and common share equivalents outstanding — diluted	373,727,277		397,903,347		378,373,180		404,260,485

Earnings per common share:
Basic	$	0.02	$	1.00	$	1.59	$	3.74
Diluted	$	0.02	$	0.98	$	1.55	$	3.66

(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 third quarter and 2021 third quarter, the number of stock options excluded were 774,481 and 1,948,006, respectively. For the nine months ended September 30, 2022 and 2021, the number of stock options excluded were 785,682 and 2,397,507, respectively.