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Earnings Per Common Share
6 Months Ended
Jun. 30, 2013
Earnings Per Share [Abstract]  
Earnings Per Common Share
8. Earnings per common share

The computations of basic earnings per common share follow:

 

     Three months ended June 30     Six months ended June 30  
     2013     2012     2013     2012  
     (in thousands, except per share)  

Income available to common shareholders:

        

Net income

   $ 348,466        233,380      $ 622,579        439,843   

Less: Preferred stock dividends (a)

     (13,362     (13,362     (26,725     (26,725

  Amortization of preferred stock discount (a)

     (2,193     (1,964     (4,340     (3,888
  

 

 

   

 

 

   

 

 

   

 

 

 

Net income available to common equity

     332,911        218,054        591,514        409,230   

Less: Income attributable to unvested stock-based compensation awards

     (4,373     (3,345     (7,917     (6,283
  

 

 

   

 

 

   

 

 

   

 

 

 

Net income available to common shareholders

   $ 328,538        214,709      $ 583,597        402,947   

Weighted-average shares outstanding:

        

Common shares outstanding (including common stock issuable) and unvested stock-based compensation awards

     129,964        127,445        129,708        127,301   

Less: Unvested stock-based compensation awards

     (1,712     (1,957     (1,746     (1,947
  

 

 

   

 

 

   

 

 

   

 

 

 

Weighted-average shares outstanding

     128,252        125,488        127,962        125,354   

Basic earnings per common share

   $ 2.56        1.71      $ 4.56        3.21   

 

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

 

The computations of diluted earnings per common share follow:

 

    

Three months ended

June 30

   

Six months ended

June 30

 
     2013     2012     2013     2012  
     (in thousands, except per share)  

Net income available to common equity

   $ 332,911        218,054      $ 591,514        409,230   

Less: Income attributable to unvested stock-based compensation awards

     (4,354     (3,338     (7,881     (6,272
  

 

 

   

 

 

   

 

 

   

 

 

 

Net income available to common shareholders

   $ 328,557        214,716      $ 583,633        402,958   

Adjusted weighted-average shares outstanding:

        

Common and unvested stock-based compensation awards

     129,964        127,445        129,708        127,301   

Less: Unvested stock-based compensation awards

     (1,712     (1,957     (1,746     (1,947

Plus: Incremental shares from assumed conversion of stock-based compensation awards and warrants to purchase common stock

     765        409        866        402   
  

 

 

   

 

 

   

 

 

   

 

 

 

Adjusted weighted-average shares outstanding

     129,017        125,897        128,828        125,756   

Diluted earnings per common share

   $ 2.55        1.71      $ 4.53        3.20   

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 and warrants to purchase common stock of M&T representing approximately 4.5 million and 9.9 million common shares during the three-month periods ended June 30, 2013 and 2012, respectively, and 4.6 million and 10.0 million common shares during the six-month periods ended June 30, 2013 and 2012, respectively, were not included in the computations of diluted earnings per common share because the effect on those periods would have been antidilutive.