Earnings per common share

12 Months Ended

Dec. 31, 2012

Earnings per common share

14.    Earnings per common share

The computations of basic earnings per common share follow:

	Year Ended December 31
	2012			2011			2010
	(In thousands, except per share)
Income available to common shareholders:
Net income	$	1,029,498		$	859,479		$	736,161
Less: Preferred stock dividends(a)		(53,450	)		(45,839	)		(40,225	)
Amortization of preferred stock discount(a)		(8,026	)		(20,018	)		(10,518	)
Net income available to common equity		968,022			793,622			685,418
Less: Income attributable to unvested stock-based compensation awards		(14,632	)		(11,879	)		(9,592	)
Net income available to common shareholders	$	953,390		$	781,743		$	675,826
Weighted-average shares outstanding:
Common shares outstanding (including common stock issuable) and unvested stock-based compensation awards		127,793			124,524			119,852
Less: Unvested stock-based compensation awards		(1,929	)		(1,861	)		(1,661	)
Weighted-average shares outstanding		125,864			122,663			118,191
Basic earnings per common share	$	7.57		$	6.37		$	5.72

(a) Including impact of not as yet declared cumulative dividends.

The computations of diluted earnings per common share follow:

	Year Ended December 31
	2012			2011			2010
	(In thousands, except per share)
Net income available to common equity	$	968,022		$	793,622		$	685,418
Less: Income attributable to unvested stock-based compensation awards		(14,593	)		(11,857	)		(9,565	)
Net income available to common shareholders	$	953,429		$	781,765		$	675,853
Adjusted weighted-average shares outstanding:
Common and unvested stock-based compensation awards		127,793			124,524			119,852
Less: Unvested stock-based compensation awards		(1,929	)		(1,861	)		(1,661	)
Plus: Incremental shares from assumed conversion of stock-based compensation awards and convertible preferred stock		541			416			652
Adjusted weighted-average shares outstanding		126,405			123,079			118,843
Diluted earnings per common share	$	7.54		$	6.35		$	5.69

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, warrants to purchase common stock of M&T and preferred stock convertible into shares of M&T common stock representing approximately 8,905,000, 11,268,000 and 11,231,000 common shares during 2012, 2011 and 2010, respectively, were not included in the computations of diluted earnings per common share because the effect on those years would have been antidilutive.