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 and unvested restricted stock awards) and common stock warrants. Presented below are the calculations for basic and diluted earnings per common share.



	For the Three Months Ended March 31,
	2018			2017
	(In Thousands, except per share data)
Net income	$	69,456		$	56,270
Preferred stock dividends	(2,339		)	(2,330		)
Net income available to common equity	$	67,117		$	53,940
Common shareholder dividends	(25,572		)	(18,251		)
Unvested share-based payment awards	(138		)	(117		)
Undistributed earnings	$	41,407		$	35,572
Undistributed earnings allocated to common shareholders	41,225			35,294
Undistributed earnings allocated to unvested share-based payment awards	182			278
Undistributed earnings	$	41,407		$	35,572
Basic
Distributed earnings to common shareholders	$	25,572		$	18,251
Undistributed earnings allocated to common shareholders	41,225			35,294
Total common shareholders earnings, basic	$	66,797		$	53,545
Diluted
Distributed earnings to common shareholders	$	25,572		$	18,251
Undistributed earnings allocated to common shareholders	41,225			35,294
Total common shareholders earnings, diluted	$	66,797		$	53,545
Weighted average common shares outstanding	163,520			150,815
Effect of dilutive common stock awards	2,038			2,216
Effect of dilutive common stock warrants	874			838
Diluted weighted average common shares outstanding	166,432			153,869
Basic earnings per common share	$	0.41		$	0.36
Diluted earnings per common share	$	0.40		$	0.35

Non-dilutive common stock options of approximately 1 million and 500,000 for the three months ended March 31, 2018 and 2017, respectively, were excluded from the earnings per common share calculation