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 Earnings Per Share

Basic earnings per share is computed by dividing income available to common stockholders by the weighted average number of shares outstanding for the periods presented. The calculation of diluted earnings per share includes the potential dilutive impact of non-vested restricted shares outstanding during the periods presented, as calculated using the treasury stock method, unless their effect is anti-dilutive. The following table sets forth the computation of basic and diluted earnings per share:
(amounts in thousands)
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2019
 
2018
 
2019
 
2018
Net income
$
55,834

 
$
37,931

 
$
91,471

 
$
144,166

Preferred stock dividends
(350
)
 
(1,823
)
 
(3,997
)
 
(5,471
)
Loss on redemption of preferred stock
(8,304
)
 
—

 
(8,304
)
 
—

Income available to common stockholders
$
47,180

 
$
36,108

 
$
79,170

 
$
138,695

 
 
 
 
 
 
 
 
Weighted average common shares outstanding
228,322

 
227,564

 
228,054

 
213,409

Dilutive impact of restricted stock
147

 
576

 
503

 
670

Weighted average common shares outstanding for diluted income per share
228,469

 
228,140

 
228,557

 
214,079

 
 
 
 
 
 
 
 
Basic income per share
$
0.21

 
$
0.16

 
$
0.35

 
$
0.65

Diluted income per share
$
0.21

 
$
0.16

 
$
0.35

 
$
0.65

 
 
 
 
 
 
 
 
Restricted stock (a)
1,488

 
154

 
829

 
154


(a)
Shares excluded from the diluted earnings per share calculation because their effect would be anti-dilutive.