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.