Quarterly report pursuant to Section 13 or 15(d)

Earnings Per Share

v3.19.3
Earnings Per Share
9 Months Ended
Sep. 30, 2019
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 shares of unvested restricted stock and contingently-issuable shares. Unvested restricted stock is included in shares of common stock 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 shares of unvested restricted stock, but 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

 

Nine Months Ended

 

 

September 30,

 

September 30,

 

 

2019

 

2018

 

2019

 

2018

Weighted average shares outstanding - basic

 

 

79,880,281

 

 

 

81,885,262

 

 

 

80,474,342

 

 

 

82,067,519

 

Dilutive effect of share-based awards

 

 

109,154

 

 

 

90,512

 

 

 

114,215

 

 

 

98,212

 

Weighted average shares outstanding - diluted

 

 

79,989,435

 

 

 

81,975,774

 

 

 

80,588,557

 

 

 

82,165,731