Stockholders' Equity and EPS (Tables)

6 Months Ended

Jun. 30, 2020

Equity and Earnings Per Share [Abstract]

Reclassification out of Accumulated Other Comprehensive Income

The following table summarizes the items reclassified out of accumulated other comprehensive income into the Consolidated Statements of Income (unaudited) for the three and six months ended June 30, 2020 and 2019:

		Three months ended June 30,						Six months ended June 30,
(Dollars in thousands)	Income Statement Location	2020			2019			2020			2019
Reclassification adjustment for losses (gains) on available-for-sale securities included in net income	Gains on investment securities, net	$	—		$	275		$	(61,165	)	$	3,905
Related tax (benefit) expense	Income tax expense	—			(77		)	16,953			(1,087		)
Reclassification adjustment for (gains) losses on cash flow hedges included in net income	Net interest income	(15,831		)	508			(17,920		)	511
Related tax expense (benefit)	Income tax expense	4,388			(141		)	4,967			(142		)
Total reclassification adjustment for (gains) losses included in net income, net of tax		$	(11,443	)	$	565		$	(57,165	)	$	3,187

Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss)

The table below summarizes the activity relating to net gains and losses on our cash flow hedges included in accumulated other comprehensive income for the three and six months ended June 30, 2020 and 2019. Refer to Note 11 — “Derivative Financial Instruments” of the “Notes to Interim Consolidated Financial Statements (unaudited)” under Part I, Item 1 of this report for additional information regarding the termination of our cash flow hedges during the three months ended March 31, 2020. Over the next 12 months, we expect that approximately $63.5 million in accumulated other comprehensive income ("AOCI") at June 30, 2020, related to unrealized gains will be reclassified out of AOCI and recognized in net income.

	Three months ended June 30,					Six months ended June 30,
(Dollars in thousands)	2020			2019		2020			2019
Balance, beginning of period, net of tax	$	163,999		$	797	$	(2,130	)	$	—
Net increase in fair value, net of tax	—			12,664		167,639			13,459
Net realized (gain) loss reclassified to net income, net of tax	(11,443		)	367		(12,953		)	369
Balance, end of period, net of tax	$	152,556		$	13,828	$	152,556		$	13,828

Reconciliation of Basic EPS to Diluted EPS

The following is a reconciliation of basic EPS to diluted EPS for the three and six months ended June 30, 2020 and 2019:

	Three months ended June 30,				Six months ended June 30,
(Dollars and shares in thousands, except per share amounts)	2020		2019		2020		2019
Numerator:
Net income available to common stockholders	$	228,935	$	317,987	$	361,188	$	606,719
Denominator:
Weighted average common shares outstanding—basic	51,581		51,955		51,573		52,269
Weighted average effect of dilutive securities:
Stock options and ESPP	114		235		140		254
Restricted stock units and awards	100		146		135		192
Weighted average common shares outstanding—diluted	51,795		52,336		51,848		52,715
Earnings per common share:
Basic	$	4.44	$	6.12	$	7.00	$	11.61
Diluted	4.42		6.08		6.97		11.51

Schedule of Antidilutive Securities Excluded from Computation of Earnings per Share

The following table summarizes the weighted-average common shares excluded from the diluted EPS calculation due to the antidilutive effect for the three and six months ended June 30, 2020 and 2019:

	Three months ended June 30,		Six months ended June 30,
(Shares in thousands)	2020	2019	2020	2019
Stock options	288	166	247	128
Restricted stock units	312	333	310	228
Total	600	499	557	356

Schedule of Stock by Class

The following table summarizes our preferred stock at June 30, 2020:

Series	Description	Amount outstanding (in millions)		Carrying value (in millions)		Shares issued and outstanding	Par Value		Ownership interest per depository share	Liquidation preference per depository share		2020 dividends paid per depository share
Series A	5.250% Fixed-Rate Non-Cumulative Perpetual Preferred Stock	$	350	$	340.1	350,000	$	0.001	1/40th	$	25	$	0.57