Earnings Per Common Share

12 Months Ended

Dec. 31, 2015

Earnings Per Share [Abstract]

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

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.