Earnings Per Common Share

12 Months Ended

Dec. 31, 2018

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,
	2018			2017			2016
	($ in Thousands, Except Per Share Data)
Net income	$	333,562		$	229,264		$	200,274
Preferred stock dividends	(10,784		)	(9,347		)	(8,903		)
Net income available to common equity	322,779			219,917			191,371
Common shareholder dividends	(104,981		)	(75,967		)	(67,100		)
Unvested share-based payment awards	(537		)	(450		)	(755		)
Undistributed earnings	217,260			143,500			123,516
Undistributed earnings allocated to common shareholders	216,199			142,593			122,205
Undistributed earnings allocated to unvested share-based payment awards	1,060			907			1,311
Undistributed earnings	$	217,260		$	143,500		$	123,516
Basic
Distributed earnings to common shareholders	$	104,981		$	75,967		$	67,100
Undistributed earnings allocated to common shareholders	216,199			142,593			122,205
Total common shareholders earnings, basic	$	321,181		$	218,560		$	189,305
Diluted
Distributed earnings to common shareholders	$	104,981		$	75,967		$	67,100
Undistributed earnings allocated to common shareholders	216,199			142,593			122,205
Total common shareholders earnings, diluted	$	321,181		$	218,560		$	189,305
Weighted average common shares outstanding	$	167,345		$	150,877		$	148,769
Effect of dilutive common stock awards	1,985			2,038			1,192
Effect of dilutive common stock warrants	402			732			—
Diluted weighted average common shares outstanding	$	169,732		$	153,647		$	149,961
Basic earnings per common share	$	1.92		$	1.45		$	1.27
Diluted earnings per common share	$	1.89		$	1.42		$	1.26

Anti-dilutive common stock options of approximately 2 million at the year ended December 31, 2018 and 1 million at the years ended December 31, 2017 and 2016 were excluded from the earnings per common share calculation. Warrants to purchase approximately 4 million at the year ended December 31, 2016 were outstanding, but excluded from the calculation of diluted earnings per common shares as the effect would have been anti-dilutive.