Earnings Per Common Share

9 Months Ended

Sep. 30, 2020

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). Presented below are the calculations for basic and diluted earnings per common share:


	Three Months Ended September 30,				Nine Months Ended September 30,
(In Thousands, except per share data)	2020		2019			2020		2019
Net income	$	45,214	$	83,339		$	239,769	$	254,686
Preferred stock dividends	(5,207)		(3,801)			(13,152)		(11,402)
Net income available to common equity	$	40,007	$	79,539		$	226,618	$	243,285
Common shareholder dividends	(27,676)		(27,091)			(83,607)		(82,741)
Unvested share-based payment awards	(199)		(198)			(549)		(506)
Undistributed earnings	$	12,133	$	52,250		$	142,462	$	160,037
Undistributed earnings allocated to common shareholders	$	12,045	$	51,870		$	141,426	$	158,970
Undistributed earnings allocated to unvested share-based payment awards	87		380			1,036		1,067
Undistributed earnings	$	12,133	$	52,250		$	142,462	$	160,037
Basic
Distributed earnings to common shareholders	$	27,676	$	27,091		$	83,607	$	82,741
Undistributed earnings allocated to common shareholders	12,045		51,870			141,426		158,970
Total common shareholders earnings, basic	$	39,721	$	78,961		$	225,032	$	241,711
Diluted
Distributed earnings to common shareholders	$	27,676	$	27,091		$	83,607	$	82,741
Undistributed earnings allocated to common shareholders	12,045		51,870			141,426		158,970
Total common shareholders earnings, diluted	$	39,721	$	78,961		$	225,032	$	241,711
Weighted average common shares outstanding	152,440		159,126			153,175		161,727
Effect of dilutive common stock awards	754		1,256			739		1,334

Diluted weighted average common shares outstanding	153,194		160,382			153,914		163,061
Basic earnings per common share	$	0.26	$	0.50		$	1.47	$	1.49
Diluted earnings per common share	$	0.26	$	0.49		$	1.46	$	1.48

Non-dilutive common stock options of approximately 8 million and 3 million for the three months ended September 30, 2020 and 2019, respectively, and 7 million and 3 million for the nine months ended September 30, 2020 and 2019, respectively, were excluded from the earnings per common share calculation.