Earnings per common share

6 Months Ended

Jun. 30, 2022

9. Earnings per common share

The computations of basic earnings per common share follow:


	Three Months Ended June 30						Six Months Ended June 30
	2022			2021			2022			2021
	(In thousands, except per share)

Income available to common shareholders:
Net income	$	217,522		$	458,069		$	579,696		$	905,318
Less: Preferred stock dividends		(24,941	)		(17,050	)		(46,706	)		(34,100	)
Net income available to common equity		192,581			441,019			532,990			871,218
Less: Income attributable to unvested stock-based compensation awards		(345	)		(2,263	)		(1,076	)		(4,370	)
Net income available to common shareholders	$	192,236		$	438,756		$	531,914		$	866,848
Weighted-average shares outstanding:
Common shares outstanding (including common stock issuable) and unvested stock-based compensation awards		177,682			129,589			153,612			129,502
Less: Unvested stock-based compensation awards		(315	)		(918	)		(322	)		(898	)
Weighted-average shares outstanding		177,367			128,671			153,290			128,604

Basic earnings per common share	$	1.08		$	3.41		$	3.47		$	6.74

The computations of diluted earnings per common share follow:


	Three Months Ended June 30						Six Months Ended June 30
	2022			2021			2022			2021
	(In thousands, except per share)

Net income available to common equity	$	192,581		$	441,019		$	532,990		$	871,218
Less: Income attributable to unvested stock-based compensation awards		(345	)		(2,260	)		(1,074	)		(4,366	)
Net income available to common shareholders	$	192,236		$	438,759		$	531,916		$	866,852
Adjusted weighted-average shares outstanding:
Common and unvested stock-based compensation awards		177,682			129,589			153,612			129,502
Less: Unvested stock-based compensation awards		(315	)		(918	)		(322	)		(898	)
Plus: Incremental shares from assumed conversion of stock-based compensation awards and warrants to purchase common stock		910			171			691			152
Adjusted weighted-average shares outstanding		178,277			128,842			153,981			128,756

Diluted earnings per common share	$	1.08		$	3.41		$	3.45		$	6.73

GAAP defines unvested share-based awards that contain nonforfeitable rights to dividends or dividend equivalents (whether paid or unpaid) as participating securities that shall be included in the computation of earnings per common share pursuant to the two-class method. The Company has issued stock-based compensation awards in the form of restricted stock and restricted stock units which, in accordance with GAAP, are considered participating securities.

Stock-based compensation awards to purchase common stock of M&T representing 573,924 common shares and 345,345 common shares during the three-month and six-month periods ended June 30, 2022, respectively, and 462,342 common shares during each of the three-month and six-month periods ended June 30, 2021 were not included in the computations of diluted earnings per common share because the effect on those periods would have been antidilutive.