Earnings Per Common Share |
NOTE 20 EARNINGS PER COMMON SHARE: Earnings per common 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 awards (outstanding stock options, unvested restricted stock awards, and outstanding common stock warrants). Presented below are the calculations for basic and diluted earnings per common share. | | | | | | | | | | | | | | For the Years Ended December 31, | | 2015 | | 2014 | | 2013 | | (In thousands, except per share data) | Net income | $ | 188,301 |
| | $ | 190,509 |
| | $ | 188,692 |
| Preferred stock dividends | (7,155 | ) | | (5,002 | ) | | (5,158 | ) | Net income available to common equity | $ | 181,146 |
| | $ | 185,507 |
| | $ | 183,534 |
| Common shareholder dividends | (61,774 | ) | | (58,123 | ) | | (54,505 | ) | Unvested share-based payment awards | (626 | ) | | (587 | ) | | (486 | ) | Undistributed earnings | $ | 118,746 |
| | $ | 126,797 |
| | $ | 128,543 |
| Undistributed earnings allocated to common shareholders | 117,498 |
| | 125,646 |
| | 127,592 |
| Undistributed earnings allocated to unvested share-based payment awards | 1,248 |
| | 1,151 |
| | 951 |
| Undistributed earnings | $ | 118,746 |
| | $ | 126,797 |
| | $ | 128,543 |
| Basic | | | | | | Distributed earnings to common shareholders | $ | 61,774 |
| | $ | 58,123 |
| | $ | 54,505 |
| Undistributed earnings allocated to common shareholders | 117,498 |
| | 125,646 |
| | 127,592 |
| Total common shareholders earnings, basic | $ | 179,272 |
| | $ | 183,769 |
| | $ | 182,097 |
| Diluted | | | | | | Distributed earnings to common shareholders | $ | 61,774 |
| | $ | 58,123 |
| | $ | 54,505 |
| Undistributed earnings allocated to common shareholders | 117,498 |
| | 125,646 |
| | 127,592 |
| Total common shareholders earnings, diluted | $ | 179,272 |
| | $ | 183,769 |
| | $ | 182,097 |
| Weighted average common shares outstanding | 149,350 |
| | 157,286 |
| | 165,584 |
| Effect of dilutive common stock awards | 1,253 |
| | 968 |
| | 218 |
| Diluted weighted average common shares outstanding | 150,603 |
| | 158,254 |
| | 165,802 |
| Basic earnings per common share | $ | 1.20 |
| | $ | 1.17 |
| | $ | 1.10 |
| Diluted earnings per common share | $ | 1.19 |
| | $ | 1.16 |
| | $ | 1.10 |
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Options to purchase approximately 1 million, 2 million, and 3 million shares were outstanding at December 31, 2015, 2014, and 2013, respectively, but excluded from the calculation of diluted earnings per common share as the effect would have been anti-dilutive.
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