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Earnings per common share
12 Months Ended
Dec. 31, 2015
Earnings Per Share [Abstract]  
Earnings per common share

14.    Earnings per common share

The computations of basic earnings per common share follow:

 

     Year Ended December 31  
     2015      2014      2013  
     (In thousands, except per share)  

Income available to common shareholders:

        

Net income

   $ 1,079,667       $ 1,066,246       $ 1,138,480   

Less: Preferred stock dividends(a)

     (81,270      (75,878      (54,120

Amortization of preferred stock discount(a)

                     (7,942
  

 

 

    

 

 

    

 

 

 

Net income available to common equity

     998,397         990,368         1,076,418   

Less: Income attributable to unvested stock-based compensation awards

     (10,708      (11,837      (13,989
  

 

 

    

 

 

    

 

 

 

Net income available to common shareholders

   $ 987,689       $ 978,531       $ 1,062,429   

Weighted-average shares outstanding:

        

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

     138,285         132,532         130,354   

Less: Unvested stock-based compensation awards

     (1,482      (1,582      (1,700
  

 

 

    

 

 

    

 

 

 

Weighted-average shares outstanding

     136,803         130,950         128,654   

Basic earnings per common share

   $ 7.22       $ 7.47       $ 8.26   

 

 

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

The computations of diluted earnings per common share follow:

 

     Year Ended December 31  
     2015      2014      2013  
     (In thousands, except per share)  

Net income available to common equity

   $ 998,397       $ 990,368       $ 1,076,418   

Less: Income attributable to unvested stock-based compensation awards

     (10,673      (11,787      (13,922
  

 

 

    

 

 

    

 

 

 

Net income available to common shareholders

   $ 987,724       $ 978,581       $ 1,062,496   

Adjusted weighted-average shares outstanding:

        

Common and unvested stock-based compensation awards

     138,285         132,532         130,354   

Less: Unvested stock-based compensation awards

     (1,482      (1,582      (1,700

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

     730         894         949   
  

 

 

    

 

 

    

 

 

 

Adjusted weighted-average shares outstanding

     137,533         131,844         129,603   

Diluted earnings per common share

   $ 7.18       $ 7.42       $ 8.20   

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 common shares of approximately 2,268,000 in 2015, 2,017,000 in 2014 and 3,847,000 in 2013 were not included in the computations of diluted earnings per common share because the effect on those years would have been antidilutive.