8. Earnings per common share

The computations of basic earnings per common share follow:

	Three Months Ended June 30						Six Months Ended June 30
	2017			2016			2017			2016
	(In thousands, except per share)
Income available to common shareholders:
Net income	$	381,053			336,031			729,980			634,559
Less: Preferred stock dividends (a)		(18,237	)		(20,317	)		(36,474	)		(40,635	)
Net income available to common equity		362,816			315,714			693,506			593,924
Less: Income attributable to unvested stock-based compensation awards		(2,158	)		(2,746	)		(4,298	)		(5,227	)
Net income available to common shareholders	$	360,658			312,968			689,208			588,697
Weighted-average shares outstanding:
Common shares outstanding (including common stock issuable) and unvested stock-based compensation awards		153,770			159,164			154,612			159,692
Less: Unvested stock-based compensation awards		(913	)		(1,362	)		(974	)		(1,424	)
Weighted-average shares outstanding		152,857			157,802			153,638			158,268

Basic earnings per common share	$	2.36			1.98			4.49			3.72

(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
	2017			2016			2017			2016
	(In thousands, except per share)

Net income available to common equity	$	362,816			315,714			693,506			593,924
Less: Income attributable to unvested stock-based compensation awards		(2,154	)		(2,740	)		(4,289	)		(5,217	)
Net income available to common shareholders	$	360,662			312,974			689,217			588,707
Adjusted weighted-average shares outstanding:
Common and unvested stock-based compensation awards		153,770			159,164			154,612			159,692
Less: Unvested stock-based compensation awards		(913	)		(1,362	)		(974	)		(1,424	)
Plus: Incremental shares from assumed conversion of stock-based compensation awards and warrants to purchase common stock		419			539			470			493
Adjusted weighted-average shares outstanding		153,276			158,341			154,108			158,761

Diluted earnings per common share	$	2.35			1.98			4.47			3.71

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 412,826 and 2,688,886 common shares during the three-month periods ended June 30, 2017 and 2016, respectively, and 402,367 and 2,764,731 common shares during the six-month periods ended June 30, 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.