Earnings per common share

6 Months Ended

Jun. 30, 2021

8. Earnings per common share

The computations of basic earnings per common share follow:

	Three Months Ended June 30						Six Months Ended June 30
	2021			2020			2021			2020
	(In thousands, except per share)

Income available to common shareholders:
Net income	$	458,069			241,054			905,318			509,876
Less: Preferred stock dividends		(17,050	)		(17,050	)		(34,100	)		(34,128	)
Net income available to common equity		441,019			224,004			871,218			475,748
Less: Income attributable to unvested stock-based compensation awards		(2,263	)		(906	)		(4,370	)		(1,954	)
Net income available to common shareholders	$	438,756			223,098			866,848			473,794
Weighted-average shares outstanding:
Common shares outstanding (including common stock issuable) and unvested stock-based compensation awards		129,589			129,059			129,502			129,750
Less: Unvested stock-based compensation awards		(918	)		(784	)		(898	)		(764	)
Weighted-average shares outstanding		128,671			128,275			128,604			128,986

Basic earnings per common share	$	3.41			1.74			6.74			3.67

The computations of diluted earnings per common share follow:

	Three Months Ended June 30						Six Months Ended June 30
	2021			2020			2021			2020
	(In thousands, except per share)

Net income available to common equity	$	441,019			224,004			871,218			475,748
Less: Income attributable to unvested stock-based compensation awards		(2,260	)		(905	)		(4,366	)		(1,953	)
Net income available to common shareholders	$	438,759			223,099			866,852			473,795
Adjusted weighted-average shares outstanding:
Common and unvested stock-based compensation awards		129,589			129,059			129,502			129,750
Less: Unvested stock-based compensation awards		(918	)		(784	)		(898	)		(764	)
Plus: Incremental shares from assumed conversion of stock-based compensation awards and warrants to purchase common stock		171			58			152			58
Adjusted weighted-average shares outstanding		128,842			128,333			128,756			129,044

Diluted earnings per common share	$	3.41			1.74			6.73			3.67

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 to purchase common stock of M&T representing 462,342 common shares during each of the three-month and six-month periods ended June 30, 2021 and 483,491 common shares and 474,093 common shares during the three-month and six-month periods ended June 30, 2020, respectively, were not included in the computations of diluted earnings per common share because the effect on those periods would have been antidilutive.