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Earnings Per Common Share
 3 Months Ended
Mar. 31, 2016
Earnings Per Share [Abstract]  
Earnings Per Common Share
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 Three Months Ended March 31,
 
2016
 
2015
 
(In thousands, except per share data)
Net income
$
42,534

 
$
46,672

Preferred stock dividends
(2,198
)
 
(1,228
)
Net income available to common equity
$
40,336

 
$
45,444

Common shareholder dividends
(16,203
)
 
(15,166
)
Unvested share-based payment awards
(206
)
 
(114
)
Undistributed earnings
$
23,927

 
$
30,164

Undistributed earnings allocated to common shareholders
23,686

 
29,886

Undistributed earnings allocated to unvested share-based payment awards
241

 
278

Undistributed earnings
$
23,927

 
$
30,164

Basic
 
 
 
Distributed earnings to common shareholders
$
16,203

 
$
15,166

Undistributed earnings allocated to common shareholders
23,686

 
29,886

Total common shareholders earnings, basic
$
39,889

 
$
45,052

Diluted
 
 
 
Distributed earnings to common shareholders
$
16,203

 
$
15,166

Undistributed earnings allocated to common shareholders
23,686

 
29,886

Total common shareholders earnings, diluted
$
39,889

 
$
45,052

Weighted average common shares outstanding
148,601

 
150,070

Effect of dilutive common stock awards
853

 
1,094

Diluted weighted average common shares outstanding
149,454

 
151,164

Basic earnings per common share
$
0.27

 
$
0.30

Diluted earnings per common share
$
0.27

 
$
0.30


Options to purchase approximately 3 million and 2 million shares were outstanding for the three months ended March 31, 2016 and 2015, respectively, but excluded from the calculation of diluted earnings per common share as the effect would have been anti-dilutive. Warrants to purchase approximately 4 million shares were outstanding for both three months ended March 31, 2016 and 2015, but excluded from the calculation of diluted earnings per common shares as the effect would have been anti-dilutive.