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Earnings Per Share (Tables)
 3 Months Ended
Mar. 31, 2021
Earnings Per Share [Abstract]  
Computation of Basic and Diluted Earnings Per Share

The following table sets forth the computation of basic and diluted earnings per share for the three months ended March 31, 2021 and 2020 (in thousands, except per share data):

 

 

 

Three Months Ended March 31,

 

 

 

2021

 

 

2020

 

Net income

 

$

173,015

 

 

$

86,589

 

Preferred dividends

 

 

8,289

 

 

 

4,844

 

Net income available to common shareholders

 

$

164,726

 

 

$

81,745

 

Shares for basic and diluted calculation:

 

 

 

 

 

 

 

 

Average shares used in basic computation

 

 

107,746

 

 

 

106,929

 

Dilutive effect of stock options and units (1)

 

 

10,129

 

 

 

8,000

 

Average shares used in diluted computation

 

 

117,875

 

 

 

114,929

 

Earnings per common share:

 

 

 

 

 

 

 

 

Basic

 

$

1.53

 

 

$

0.76

 

Diluted

 

$

1.40

 

 

$

0.71

 

 

(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.