Earnings Per Share ("EPS")

9 Months Ended

Sep. 30, 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 and nine months ended September 30, 2023 and 2022 (in thousands, except per share data):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Net income	$	68,161	$	151,169	$	360,052	$	485,534
Preferred dividends		9,321		9,320		27,961		27,961
Net income available to common shareholders	$	58,840	$	141,849	$	332,091	$	457,573
Shares for basic and diluted calculation:
Average shares used in basic computation		106,068		108,767		107,580		109,017
Dilutive effect of stock options and units (1)		7,127		8,451		6,590		8,632
Average shares used in diluted computation		113,195		117,218		114,170		117,649
Earnings per common share:
Basic	$	0.55	$	1.30	$	3.09	$	4.20
Diluted	$	0.52	$	1.21	$	2.91	$	3.89

(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 and nine months ended September 30, 2023 and 2022, the anti-dilutive effect from restricted stock units was immaterial.

Cash Dividends

During the three and nine months ended September 30, 2023, we declared and paid cash dividends of $0.36 and $1.08 per common share. During the three and nine months ended September 30, 2022, we declared and paid cash dividends of $0.30 and $0.90 per common share.