Earnings per common share

3 Months Ended

Mar. 31, 2015

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 March 31
	2015			2014
	(in thousands, except per share)
Income available to common shareholders:
Net income	$	241,613			229,017
Less: Preferred stock dividends (a)		(20,318	)		(14,674	)
Net income available to common equity		221,295			214,343
Less: Income attributable to unvested stock-based compensation awards		(2,465	)		(2,623	)
Net income available to common shareholders	$	218,830			211,720
Weighted-average shares outstanding:
Common shares outstanding (including common stock issuable) and unvested stock-based compensation awards		133,542			131,800
Less: Unvested stock-based compensation awards		(1,493	)		(1,588	)
Weighted-average shares outstanding		132,049			130,212
Basic earnings per common share	$	1.66			1.63

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

The computations of diluted earnings per common share follow:

	Three months ended March 31
	2015			2014
	(in thousands, except per share)
Net income available to common equity	$	221,295			214,343
Less: Income attributable to unvested stock-based compensation awards		(2,458	)		(2,612	)
Net income available to common shareholders	$	218,837			211,731
Adjusted weighted-average shares outstanding:
Common and unvested stock-based compensation awards		133,542			131,800
Less: Unvested stock-based compensation awards		(1,493	)		(1,588	)
Plus: Incremental shares from assumed conversion of stock-based compensation awards		720			914
Adjusted weighted-average shares outstanding		132,769			131,126
Diluted earnings per common share	$	1.65			1.61

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 2.7 million and 3.0 million common shares during the three-month periods ended March 31, 2015 and 2014, respectively, were not included in the computations of diluted earnings per common share because the effect on those periods would have been antidilutive.