EARNINGS PER COMMON SHARE

Basic earnings per common share is calculated by dividing net income available to common stockholders by the weighted average number of shares of common stock outstanding net of unvested shares of restricted stock.

Diluted earnings per common share is calculated by dividing net income available to common stockholders by the weighted average number of shares of common stock outstanding, adjusted for the dilutive effect of potential common shares issuable for stock options, warrants and restricted shares, as calculated using the treasury stock method. Adjustments to the weighted average number of shares of common stock outstanding are made only when such adjustments dilute earnings per common share.

The following table sets forth the computation of basic and diluted earnings per common share:



	Three Months Ended March 31,
(dollars in thousands, except per share data)	2018		2017
Net income	$	86,762	$	22,979
Less: Preferred stock dividends	2,010		2,010
Net income available to common stockholders	$	84,752	$	20,969
Basic weighted average common shares outstanding	323,740,956		237,379,260
Net effect of dilutive stock options, warrants and restricted stock	2,026,012		1,882,423
Diluted weighted average common shares outstanding	325,766,968		239,261,683
Earnings per common share:
Basic	$	0.26	$	0.09
Diluted	$	0.26	$	0.09

The following table shows the average shares excluded from the above calculation as their effect would have been anti-dilutive:



	Three Months Ended March 31,
	2018	2017
Average shares excluded from the diluted earnings per common share calculation	21	81,755