Earnings Per Share ("EPS")

3 Months Ended

Mar. 31, 2023

NOTE 23 – Earnings Per Share (“EPS”)

Basic EPS is computed by dividing earnings available to common shareholders by the weighted-average number of common shares outstanding. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the entity. Diluted earnings per share include dilutive stock options and stock units under the treasury stock method.

The following table sets forth the computation of basic and diluted earnings per share for the three months ended March 31, 2023 and 2022 (in thousands, except per share data):


	Three Months Ended March 31,
	2023		2022
Net income	$	157,539	$	173,549
Preferred dividends		9,320		9,320
Net income available to common shareholders	$	148,219	$	164,229
Shares for basic and diluted calculation:
Average shares used in basic computation		108,754		109,205
Dilutive effect of stock options and units (1)		6,636		8,935
Average shares used in diluted computation		115,390		118,140
Earnings per common share:
Basic	$	1.36	$	1.50
Diluted	$	1.28	$	1.39

(1)

Diluted earnings per share is computed on the basis of the weighted-average number of shares of common stock plus the effect of dilutive potential common shares outstanding during the period using the treasury stock method. Diluted earnings per share include units.

For the three months ended March 31, 2023 and 2022, the anti-dilutive effect from restricted stock units was immaterial.

Cash Dividends

During the three months ended March 31, 2023, we declared and paid cash dividends of $0.36 per common share. During the three months ended March 31, 2022, we declared and paid cash dividends of $0.30 per common share.