Earnings (Loss) Per Common Share and Stockholders' Equity

3 Months Ended

Mar. 31, 2020

Earnings (Loss) Per Common Share and Stockholders' Equity

Earnings (Loss) Per Common Share

The following table sets forth the computation of earnings (loss) per common share and earnings (loss) per common share - assuming dilution:



	Three Months Ended March 31,
	2020		2019
	(Dollars in thousands, except per share data)
Numerator:
Net income (loss) available to common stockholders - numerator for earnings (loss) per common share	$	236,336	$	(30,010	)

Denominator:
Weighted average common shares outstanding	91,644,315		90,883,254
Effect of dilutive securities:
Stock options and deferred compensation agreements	137,289		455,001
Restricted stock and restricted stock units	239,475		405,504
Denominator for earnings (loss) per common share - assuming dilution	92,021,079		91,743,759

Earnings (loss) per common share	$	2.58	$	(0.33	)
Earnings (loss) per common share - assuming dilution	$	2.57	$	(0.33	)

During the three months ended March 31, 2020, there were 50,000 options to purchase shares of our common stock outstanding, with an exercise price of $26.70, excluded from the computation of diluted earnings (loss) per common share. There were no options to purchase shares of our common stock outstanding excluded from the computation of diluted earnings (loss) per common share during the three months ended March 31, 2019, as the exercise price of all options outstanding was less than the average market price of our common shares for those periods.

Stockholders' Equity

On November 21, 2019 we issued 16,000 shares of 5.95% Fixed-Rate Reset Non-Cumulative Preferred Stock, Series A (the "preferred stock") with a $1.00 par value per share and a liquidation preference of $25,000 per share, for aggregate net proceeds of $388.9 million. We used a portion of the proceeds to redeem all of our floating rate subordinated debentures.

Dividends on the preferred stock are payable on a non-cumulative basis only when, as and if declared, quarterly in arrears on the first day of March, June, September and December of each year, commencing March 1, 2020. On March 1, 2020, we paid dividends totaling $6.6 million on the preferred stock. The preferred stock ranks senior to our common stock with respect to dividends, to the extent declared, and in liquidation, to the extent of the liquidation preference. The preferred stock is not subject to any mandatory redemption, sinking fund, retirement fund, purchase fund or similar provisions.