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:

TABLE 15.1



	Three Months Ended September 30,				Nine Months Ended September 30,
(dollars in thousands, except per share data)	2018		2017		2018		2017
Net income	$	100,763	$	77,693	$	272,731	$	175,078
Less: Preferred stock dividends	2,010		2,010		6,030		6,030
Net income available to common stockholders	$	98,753	$	75,683	$	266,701	$	169,048
Basic weighted average common shares outstanding	324,435,939		323,410,932		324,118,236		295,012,986
Net effect of dilutive stock options, warrants and restricted stock	1,217,192		1,493,836		1,556,470		1,639,810
Diluted weighted average common shares outstanding	325,653,131		324,904,768		325,674,706		296,652,796
Earnings per common share:
Basic	$	0.30	$	0.23	$	0.82	$	0.57
Diluted	$	0.30	$	0.23	$	0.82	$	0.57

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

TABLE 15.2



	Three Months Ended September 30,		Nine Months Ended September 30,
	2018	2017	2018	2017
Average shares excluded from the diluted earnings per common share calculation	86	1,842	59	1,059