EARNINGS PER COMMON SHARE

9 Months Ended

Sep. 30, 2021

Earnings Per Share [Abstract]

EARNINGS PER COMMON SHARE [Text Block]

NOTE 3 – EARNINGS PER COMMON SHARE

The calculations of earnings per common share for the quarters and nine-month periods ended September 30, 2021 and 2020 are as follows:
		Quarter Ended				Nine-Month Period Ended
		September 30,				September 30,
		2021		2020		2021		2020
(In thousands, except per share information)
Net income		$	75,678	$	28,613	$	207,386	$	52,135
Less: Preferred stock dividends			(669)		(669)		(2,007)		(2,007)
Net income attributable to common stockholders		$	75,009	$	27,944	$	205,379	$	50,128
Weighted-Average Shares:
	Average common shares outstanding		206,725		216,922		212,406		216,876
	Average potential dilutive common shares		1,071		793		1,117		657
	Average common shares outstanding - assuming dilution		207,796		217,715		213,523		217,533
Earnings per common share:
	Basic	$	0.36	$	0.13	$	0.97	$	0.23
	Diluted	$	0.36	$	0.13	$	0.96	$	0.23

Earnings per common share is computed by dividing net income attributable to common stockholders by the weighted-average number of common shares issued and outstanding. Net income attributable to common stockholders represents net income adjusted for any preferred stock dividends, including any dividends declared but not yet paid, and any cumulative dividends related to the current dividend period that have not been declared as of the end of the period. Basic weighted-average common shares outstanding exclude unvested shares of restricted stock that do not contain non-forfeitable dividend rights.

Potential dilutive common shares consist of unvested shares of restricted stock that do not contain non-forfeitable dividend rights using the treasury stock method. This method assumes that proceeds equal to the amount of compensation cost attributable to future services is used to repurchase shares on the open market at the average market price for the period. The difference between the number of potential dilutive shares issued and the shares purchased is added as incremental shares to the actual number of shares outstanding to compute diluted earnings per share. Unvested shares of restricted stock outstanding during the period that result in lower potentially dilutive shares issued than shares purchased under the treasury stock method are not included in the computation of dilutive earnings per share since their inclusion would have an antidilutive effect on earnings per share. Potential dilutive common shares also include performance units that do not contain non-forfeitable dividend rights if the performance condition is met as of the end of the reporting period.