Earnings per common share

6 Months Ended

Jun. 30, 2023

8. Earnings per common share

The computations of basic earnings per common share follow:


	Three Months Ended June 30						Six Months Ended June 30
	2023			2022			2023			2022
	(In thousands, except per share)

Income available to common shareholders:
Net income	$	867,034		$	217,522		$	1,568,658		$	579,696
Less: Preferred stock dividends		(24,940	)		(24,941	)		(49,881	)		(46,706	)
Net income available to common equity		842,094			192,581			1,518,777			532,990
Less: Income attributable to unvested stock-based compensation awards		(1,574	)		(345	)		(2,731	)		(1,076	)
Net income available to common shareholders	$	840,520		$	192,236		$	1,516,046		$	531,914
Weighted-average shares outstanding:
Common shares outstanding (including common stock issuable) and unvested stock-based compensation awards		166,152			177,682			167,076			153,612
Less: Unvested stock-based compensation awards		(310	)		(315	)		(294	)		(322	)
Weighted-average shares outstanding		165,842			177,367			166,782			153,290

Basic earnings per common share	$	5.07		$	1.08		$	9.09		$	3.47

The computations of diluted earnings per common share follow:


	Three Months Ended June 30						Six Months Ended June 30
	2023			2022			2023			2022
	(In thousands, except per share)

Net income available to common equity	$	842,094		$	192,581		$	1,518,777		$	532,990
Less: Income attributable to unvested stock-based compensation awards		(1,570	)		(345	)		(2,725	)		(1,074	)
Net income available to common shareholders	$	840,524		$	192,236		$	1,516,052		$	531,916
Adjusted weighted-average shares outstanding:
Common shares outstanding (including common stock issuable) and unvested stock-based compensation awards		166,152			177,682			167,076			153,612
Less: Unvested stock-based compensation awards		(310	)		(315	)		(294	)		(322	)
Plus: Incremental shares from assumed conversion of stock-based compensation awards		478			910			577			691
Adjusted weighted-average shares outstanding		166,320			178,277			167,359			153,981

Diluted earnings per common share	$	5.05		$	1.08		$	9.06		$	3.45

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 2,284,597 common shares and 1,828,360 common shares during the three-month and six-month periods ended June 30, 2023, respectively, and 573,924 and 345,345 common shares during the three-month and six-month periods ended June 30, 2022, respectively, were not included in the computations of diluted earnings per common share because the effect on those periods would have been antidilutive.