Earnings per common share

3 Months Ended

Mar. 31, 2022

8. Earnings per common share

The computations of basic earnings per common share follow:

	Three Months Ended March 31
	2022			2021
	(In thousands, except per share)

Income available to common shareholders:
Net income	$	362,174		$	447,249
Less: Preferred stock dividends		(21,765	)		(17,050	)
Net income available to common equity		340,409			430,199
Less: Income attributable to unvested stock-based compensation awards		(820	)		(2,108	)
Net income available to common shareholders	$	339,589		$	428,091
Weighted-average shares outstanding:
Common shares outstanding (including common stock issuable) and unvested stock-based compensation awards		129,274			129,414
Less: Unvested stock-based compensation awards		(329	)		(877	)
Weighted-average shares outstanding		128,945			128,537

Basic earnings per common share	$	2.63		$	3.33

8. Earnings per common share, continued

The computations of diluted earnings per common share follow:

	Three Months Ended March 31
	2022			2021
	(In thousands, except per share)

Net income available to common equity	$	340,409		$	430,199
Less: Income attributable to unvested stock-based compensation awards		(819	)		(2,106	)
Net income available to common shareholders	$	339,590		$	428,093
Adjusted weighted-average shares outstanding:
Common and unvested stock-based compensation awards		129,274			129,414
Less: Unvested stock-based compensation awards		(329	)		(877	)
Plus: Incremental shares from assumed conversion of stock-based compensation awards and warrants to purchase common stock		471			132
Adjusted weighted-average shares outstanding		129,416			128,669

Diluted earnings per common share	$	2.62		$	3.33

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 114,226 and 462,342 common shares during the three-month periods ended March 31, 2022 and 2021, respectively, were not included in the computations of diluted earnings per common share because the effect on those periods would have been antidilutive.