Earnings per common share

3 Months Ended

Mar. 31, 2017

8. Earnings per common share

The computations of basic earnings per common share follow:

	Three Months Ended March 31
	2017			2016
	(In thousands, except per share)
Income available to common shareholders:
Net income	$	348,927			298,528
Less: Preferred stock dividends (a)		(18,237	)		(20,318	)
Net income available to common equity		330,690			278,210
Less: Income attributable to unvested stock-based compensation awards		(2,128	)		(2,466	)
Net income available to common shareholders	$	328,562			275,744
Weighted-average shares outstanding:
Common shares outstanding (including common stock issuable) and unvested stock-based compensation awards		155,463			160,220
Less: Unvested stock-based compensation awards		(1,036	)		(1,486	)
Weighted-average shares outstanding		154,427			158,734

Basic earnings per common share	$	2.13			1.74

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

8. Earnings per common share, continued

The computations of diluted earnings per common share follow:

	Three Months Ended March 31
	2017			2016
	(In thousands, except per share)

Net income available to common equity	$	330,690			278,210
Less: Income attributable to unvested stock-based compensation awards		(2,123	)		(2,462	)
Net income available to common shareholders	$	328,567			275,748
Adjusted weighted-average shares outstanding:
Common and unvested stock-based compensation awards		155,463			160,220
Less: Unvested stock-based compensation awards		(1,036	)		(1,486	)
Plus: Incremental shares from assumed conversion of stock-based compensation awards and warrants to purchase common stock		522			447
Adjusted weighted-average shares outstanding		154,949			159,181

Diluted earnings per common share	$	2.12			1.73

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 391,764 and 2,840,575 common shares during the three-month periods ended March 31, 2017 and 2016, respectively, were not included in the computations of diluted earnings per common share because the effect on those periods would have been antidilutive.