Quarterly report pursuant to Section 13 or 15(d)

Earnings Per Share

v3.20.2
Earnings Per Share
6 Months Ended
Jun. 30, 2020
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,

 

 

2020

 

2019

 

2020

 

2019

Weighted average shares outstanding - basic

 

 

117,610,178

 

 

 

120,783,414

 

 

 

118,330,176

 

 

 

121,164,444

 

Dilutive effect of share-based awards

 

 

749,706

 

 

 

184,632

 

 

 

752,552

 

 

 

175,181

 

Weighted average shares outstanding - diluted

 

 

118,359,884

 

 

 

120,968,046

 

 

 

119,082,728

 

 

 

121,339,625