Quarterly report pursuant to Section 13 or 15(d)

Earnings Per Share

v3.21.2
Earnings Per Share
6 Months Ended
Jun. 30, 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

 

 

Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Weighted average shares outstanding - basic

 

 

115,820,522

 

 

 

117,610,178

 

 

 

116,157,336

 

 

 

118,330,176

 

Dilutive effect of share-based awards

 

 

740,720

 

 

 

749,706

 

 

 

749,236

 

 

 

752,552

 

Weighted average shares outstanding - diluted

 

 

116,561,242

 

 

 

118,359,884

 

 

 

116,906,572

 

 

 

119,082,728