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Stockholders' Equity and EPS (Tables)

3 Months Ended

Mar. 31, 2021

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 months ended March 31, 2021 and 2020:


		Three months ended March 31,
(Dollars in thousands)	Income Statement Location	2021		2020
Reclassification adjustment for gains on available-for-sale securities included in net income	Gains on investment securities, net	$	—	$	(61,165)
Related tax expense	Income tax expense	—		16,953
Reclassification adjustment for gains on cash flow hedges included in net income	Net interest income	(15,657)		(2,089)
Related tax expense	Income tax expense	4,352		579
Total reclassification adjustment for gains included in net income, net of tax		$	(11,305)	$	(45,722)

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 months ended March 31, 2021 and 2020. Refer to Note 10 — “Derivative Financial Instruments” for additional information regarding the termination of our cash flow hedges during the quarter ended March 31, 2020. Over the next 12 months, we expect that approximately $62.5 million in accumulated other comprehensive income ("AOCI") at March 31, 2021, related to unrealized gains will be reclassified out of AOCI and recognized in net income.


	Three months ended March 31,
(Dollars in thousands)	2021		2020
Balance, beginning of period, net of tax	$	129,273	$	(2,130)
Net increase in fair value, net of tax	—		167,639
Net realized gain reclassified to net income, net of tax	(11,305)		(1,510)
Balance, end of period, net of tax	$	117,968	$	163,999

Reconciliation of Basic EPS to Diluted EPS

The following is a reconciliation of basic EPS to diluted EPS for the three months ended March 31, 2021 and 2020:


	Three months ended March 31,
(Dollars and shares in thousands, except per share amounts)	2021		2020
Numerator:
Net income available to common stockholders	$	532,220	$	132,253
Denominator:
Weighted average common shares outstanding—basic	52,180		51,565
Weighted average effect of dilutive securities:
Stock options and ESPP	294		217
Restricted stock units and awards	602		162
Weighted average common shares outstanding—diluted	53,076		51,944
Earnings per common share:
Basic	$	10.20	$	2.56
Diluted	10.03		2.55

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 months ended March 31, 2021 and 2020:


	Three months ended March 31,
(Shares in thousands)	2021	2020
Stock options	—	206
Restricted stock units	18	119
Total	18	325

Schedule of Stock by Class

The following table summarizes our preferred stock at March 31, 2021:


Series	Description	Amount outstanding (in millions)		Carrying value (in millions)		Shares issued and outstanding	Par Value		Ownership interest per depositary share	Liquidation preference per depositary share		2021 dividends paid per depositary share
Series A	5.250% Fixed-Rate Non-Cumulative Perpetual Preferred Stock	$	350	$	340.1	350,000	$	0.001	1/40th	$	25	$	0.33
Series B	4.100% Fixed-Rate Non-Cumulative Perpetual Preferred Stock	750		739.2		7,500	0.001		1/100th	1,000		—

- Definition

Tabular disclosure of an entity's stock, including par or stated value per share, number and dollar amount of share subscriptions, shares authorized, shares issued, shares outstanding, number and dollar amount of shares held in an employee trust, dividend per share, total dividends, share conversion features, par value plus additional paid in capital, the value of treasury stock and other information necessary to a fair presentation, and EPS information. Stock by class includes common, convertible, and preferred stocks which are not redeemable or redeemable solely at the option of the issuer. Includes preferred stock with redemption features that are solely within the control of the issuer and mandatorily redeemable stock if redemption is required to occur only upon liquidation or termination of the reporting entity. If more than one issue is outstanding, state the title of each issue and the corresponding dollar amount; dollar amount of any shares subscribed but unissued and the deduction of subscriptions receivable there from; number of shares authorized, issued, and outstanding.

+ References

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+ Details