Quarterly report pursuant to Section 13 or 15(d)

Earnings Per Share

v3.21.1
Earnings Per Share
3 Months Ended
Mar. 31, 2021
Earnings Per Share [Abstract]  
Earnings Per Share

Note 2. Earnings Per Share

Basic earnings per share is computed by dividing net income by the daily weighted average number of shares of our common stock outstanding for the period, excluding unvested restricted stock. Unvested restricted stock is included in common shares outstanding on our Condensed Balance Sheets.

Diluted earnings per share is computed using the treasury stock method. The denominator used in calculating diluted earnings per share includes the impact of unvested restricted stock and other dilutive, non-participating securities under our equity award agreements. The denominator excludes contingently-issuable shares under performance-based award agreements when the performance target has not yet been deemed achieved.

The following table provides a reconciliation of the number of shares of common stock used in computing basic and diluted earnings per share:

 

 

Three Months Ended

 

 

March 31,

 

 

2021

 

 

2020

 

Weighted average shares outstanding - basic

 

 

116,497,893

 

 

 

119,050,174

 

Dilutive effect of share-based awards

 

 

757,847

 

 

 

755,398

 

Weighted average shares outstanding - diluted

 

 

117,255,740

 

 

 

119,805,572