XML 71 R12.htm IDEA: XBRL DOCUMENT v3.2.0.727
Earnings Per Common Share
 6 Months Ended
Jun. 30, 2015
Earnings Per Share [Abstract]  
Earnings Per Common Share
Earnings Per Common Share
Earnings per share are calculated utilizing the two-class method. Basic earnings per common share are calculated by dividing the sum of distributed earnings to common shareholders and undistributed earnings allocated to common shareholders by the weighted average number of common shares outstanding. Diluted earnings per common share are calculated by dividing the sum of distributed earnings to common shareholders and undistributed earnings allocated to common shareholders by the weighted average number of common shares outstanding adjusted for the dilutive effect of common stock instruments (outstanding stock options, unvested restricted stock, and outstanding stock warrants). Presented below are the calculations for basic and diluted earnings per common share.
 
Three Months Ended
June 30,
 
Six Months Ended
June 30,
 
2015
 
2014
 
2015
 
2014
 
(In Thousands, except per share data)
Net income
$
49,400

 
$
46,365

 
$
96,072

 
$
91,564

Preferred stock dividends
(1,545
)
 
(1,278
)
 
(2,773
)
 
(2,522
)
Net income available to common equity
$
47,855

 
$
45,087

 
$
93,299

 
$
89,042

Common shareholder dividends
(15,056
)
 
(14,393
)
 
(30,222
)
 
(28,881
)
Dividends on unvested share-based payment awards
(172
)
 
(143
)
 
(286
)
 
(294
)
Undistributed earnings
$
32,627

 
$
30,551

 
$
62,791

 
$
59,867

Undistributed earnings allocated to common shareholders
$
32,262

 
$
30,247

 
$
62,148

 
$
59,375

Undistributed earnings allocated to unvested share-based payment awards
365

 
304

 
643

 
492

Undistributed earnings
$
32,627

 
$
30,551

 
$
62,791

 
$
59,867

Basic
 
 
 
 
 
 
 
Distributed earnings to common shareholders
$
15,056

 
$
14,393

 
$
30,222

 
$
28,881

Undistributed earnings allocated to common shareholders
32,262

 
30,247

 
62,148

 
59,375

Total common shareholders earnings, basic
$
47,318

 
$
44,640

 
$
92,370

 
$
88,256

Diluted
 
 
 
 
 
 
 
Distributed earnings to common shareholders
$
15,056

 
$
14,393

 
$
30,222

 
$
28,881

Undistributed earnings allocated to common shareholders
32,262

 
30,247

 
62,148

 
59,375

Total common shareholders earnings, diluted
$
47,318

 
$
44,640

 
$
92,370

 
$
88,256

Weighted average common shares outstanding
149,903

 
159,940

 
149,986

 
160,699

Effect of dilutive common stock instruments
1,205

 
898

 
1,143

 
814

Diluted weighted average common shares outstanding
151,108

 
160,838

 
151,129

 
161,513

Basic earnings per common share
$
0.32

 
$
0.28

 
$
0.62

 
$
0.55

Diluted earnings per common share
$
0.31

 
$
0.28

 
$
0.61

 
$
0.55


Options to purchase approximately 1 million common shares were outstanding for both the three and six months ended June 30, 2015, respectively, but excluded from the calculation of diluted earnings per common share as the effect would have been anti-dilutive. Options to purchase approximately 3 million and 2 million common shares were outstanding for the three and six months ended June 30, 2014, respectively, but excluded from the calculation of diluted earnings per common share as the effect would have been anti-dilutive.