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Earnings per common share
 12 Months Ended
Dec. 31, 2020
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

 

 

 

2020

 

 

2019

 

 

2018

 

 

 

(In thousands, except per share)

 

Income available to common shareholders:

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

1,353,152

 

 

$

1,929,149

 

 

$

1,918,080

 

Less: Preferred stock dividends(a)

 

 

(68,228

)

 

 

(69,441

)

 

 

(72,521

)

Net income available to common equity

 

 

1,284,924

 

 

 

1,859,708

 

 

 

1,845,559

 

Less: Income attributable to unvested stock-based

   compensation awards

 

 

(5,858

)

 

 

(10,199

)

 

 

(9,531

)

Net income available to common shareholders

 

$

1,279,066

 

 

$

1,849,509

 

 

$

1,836,028

 

Weighted-average shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

Common shares outstanding (including common stock

   issuable) and unvested stock-based compensation awards

 

 

129,404

 

 

 

135,169

 

 

 

144,740

 

Less: Unvested stock-based compensation awards

 

 

(766

)

 

 

(741

)

 

 

(748

)

Weighted-average shares outstanding

 

 

128,638

 

 

 

134,428

 

 

 

143,992

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per common share

 

$

9.94

 

 

$

13.76

 

 

$

12.75

 

 

(a)

Including impact of not as yet declared cumulative dividends.

The computations of diluted earnings per common share follow:

 

 

Year Ended December 31

 

 

 

2020

 

 

2019

 

 

2018

 

 

 

(In thousands, except per share)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income available to common equity

 

$

1,284,924

 

 

$

1,859,708

 

 

$

1,845,559

 

Less: Income attributable to unvested stock-based

   compensation awards

 

 

(5,856

)

 

 

(10,197

)

 

 

(9,524

)

Net income available to common shareholders

 

$

1,279,068

 

 

$

1,849,511

 

 

$

1,836,035

 

Adjusted weighted-average shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

Common and unvested stock-based compensation awards

 

 

129,404

 

 

 

135,169

 

 

 

144,740

 

Less: Unvested stock-based compensation awards

 

 

(766

)

 

 

(741

)

 

 

(748

)

Plus: Incremental shares from assumed conversion of

   stock-based compensation awards and warrants to

   purchase common stock

 

 

66

 

 

 

34

 

 

 

159

 

Adjusted weighted-average shares outstanding

 

 

128,704

 

 

 

134,462

 

 

 

144,151

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted earnings per common share

 

$

9.94

 

 

$

13.75

 

 

$

12.74

 

 

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 474,000 in 2020, 238,000 in 2019 and 194,000 in 2018 were not included in the computations of diluted earnings per common share because the effect on those years would have been antidilutive.