Earnings Per Common Share

9 Months Ended

Sep. 30, 2019

The number of shares issued and outstanding, earnings per share, additional paid-in-capital and all references to share quantities of TCF have been retrospectively adjusted to reflect the equivalent number of shares issued in the Merger. The computations of basic and diluted earnings per common share and the anti-dilutive shares outstanding not included in the computation of diluted earnings per share were as follows:



	Three Months Ended September 30,				Nine Months Ended September 30,
(Dollars in thousands, except per share data)	2019		2018		2019		2018
Basic earnings per common share
Net income attributable to TCF Financial Corporation	$	22,148	$	86,196	$	183,069	$	218,706
Preferred stock dividends	2,494		2,494		7,481		9,094
Impact of preferred stock redemption⁽¹⁾	—		—		—		3,481
Net income available to common shareholders	19,654		83,702		175,588		206,131
Less: Earnings allocated to participating securities	—		13		19		30
Earnings allocated to common stock	$	19,654	$	83,689	$	175,569	$	206,101
Weighted-average common shares outstanding used in basic earnings per common share calculation	128,575,171		83,762,625		97,876,262		84,522,519
Basic earnings per common share	$	0.15	$	1.00	$	1.79	$	2.44
Diluted earnings per common share
Earnings allocated to common stock	$	19,654	$	83,689	$	175,569	$	206,101
Weighted-average common shares outstanding used in basic earnings per common share calculation	128,575,171		83,762,625		97,876,262		84,522,519
Net dilutive effect of:
Non-participating restricted stock	73,698		—		139,795		—
Stock options	105,719		—		39,222		1,670
Warrants	—		45,438		—		266,935
Weighted-average common shares outstanding used in diluted earnings per common share calculation	128,754,588		83,808,063		98,055,279		84,791,124
Diluted earnings per common share	$	0.15	$	1.00	$	1.79	$	2.43
Anti-dilutive shares outstanding not included in the computation of diluted earnings per common share
Non-participating restricted stock	1,369,025		1,058,202		1,369,025		1,058,202

(1)

Represents the amount of deferred stock issuance costs originally recorded in preferred stock that were reclassified to retained earnings.