Earnings Per Common Share

12 Months Ended

Dec. 31, 2017

Earnings Per Share [Abstract]

Earnings Per Common Share

Earnings Per Common Share

See Note 1 for the Corporation’s accounting policy on earnings per common share. Presented below are the calculations for basic and diluted earnings per common share.

	For the Years Ended December 31,
	2017			2016			2015
	($ in Thousands, Except Per Share Data)
Net income	$	229,264		$	200,274		$	188,301
Preferred stock dividends	(9,347		)	(8,903		)	(7,155		)
Net income available to common equity	$	219,917		$	191,371		$	181,146
Common shareholder dividends	(75,967		)	(67,100		)	(61,774		)
Unvested share-based payment awards	(450		)	(755		)	(626		)
Undistributed earnings	$	143,500		$	123,516		$	118,746
Undistributed earnings allocated to common shareholders	142,593			122,205			117,498
Undistributed earnings allocated to unvested share-based payment awards	907			1,311			1,248
Undistributed earnings	$	143,500		$	123,516		$	118,746
Basic
Distributed earnings to common shareholders	$	75,967		$	67,100		$	61,774
Undistributed earnings allocated to common shareholders	142,593			122,205			117,498
Total common shareholders earnings, basic	$	218,560		$	189,305		$	179,272
Diluted
Distributed earnings to common shareholders	$	75,967		$	67,100		$	61,774
Undistributed earnings allocated to common shareholders	142,593			122,205			117,498
Total common shareholders earnings, diluted	$	218,560		$	189,305		$	179,272
Weighted average common shares outstanding	150,877			148,769			149,350
Effect of dilutive common stock awards	$	2,038		$	1,192		$	1,253
Effect of dilutive common stock warrants	732			—			—
Diluted weighted average common shares outstanding	153,647			149,961			150,603
Basic earnings per common share	$	1.45		$	1.27		$	1.20
Diluted earnings per common share	$	1.42		$	1.26		$	1.19

Anti-dilutive common stock options of approximately 1 million at the year ended December 31, 2017, 2016 and 2015 were excluded from the earnings per common share calculation. Warrants to purchase approximately 4 million at both the years ended December 31, 2016 and 2015 were outstanding, but excluded from the calculation of diluted earnings per common shares as the effect would have been anti-dilutive.