Earnings Per Common Share (Tables)

12 Months Ended

Dec. 31, 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:


	Year Ended December 31,
	2022		2021		2020
Numerator:
Net income	$	1,482,423	$	2,239,462	$	1,465,711
Amounts attributable to noncontrolling interests	(5,490)		(82,613)		(60,190)
Net income available to Arch	1,476,933		2,156,849		1,405,521
Preferred dividends	(40,736)		(48,343)		(41,612)
Loss on redemption of preferred shares	—		(15,101)		—
Net income available to Arch common shareholders	$	1,436,197	$	2,093,405	$	1,363,909

Denominator:
Weighted average common shares outstanding	368,612,197		391,748,715		403,062,179


Effect of dilutive common share equivalents:
Nonvested restricted shares	2,103,036		1,996,524		1,682,309
Stock options (1)	6,894,534		6,600,697		5,514,967
Weighted average common shares and common share equivalents outstanding – diluted	377,609,767		400,345,936		410,259,455

Earnings per common share:
Basic	$	3.90	$	5.34	$	3.38
Diluted	$	3.80	$	5.23	$	3.32

(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 2022, 2021 and 2020, the number of stock options excluded were 798,053, 2,398,608 and 2,249,821, respectively.