Earnings Per Common Share

9 Months Ended

Sep. 30, 2021

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 Sep 30,				Nine Months Ended Sep 30,
(In Thousands, except per share data)	2021		2020			2021		2020
Net income	$	88,809	$	45,214		$	274,117	$	239,769
Preferred stock dividends	(4,155)		(5,207)			(14,236)		(13,152)
Net income available to common equity	$	84,655	$	40,007		$	259,880	$	226,618
Common shareholder dividends	(30,323)		(27,676)			(85,604)		(83,607)
Unvested share-based payment awards	(222)		(199)			(634)		(549)
Undistributed earnings	$	54,109	$	12,133		$	173,642	$	142,462
Undistributed earnings allocated to common shareholders	$	53,716	$	12,045		$	172,436	$	141,426
Undistributed earnings allocated to unvested share-based payment awards	393		87			1,206		1,036
Undistributed earnings	$	54,109	$	12,133		$	173,642	$	142,462
Basic
Distributed earnings to common shareholders	$	30,323	$	27,676		$	85,604	$	83,607
Undistributed earnings allocated to common shareholders	53,716		12,045			172,436		141,426
Total common shareholders earnings, basic	$	84,039	$	39,721		$	258,040	$	225,032
Diluted
Distributed earnings to common shareholders	$	30,323	$	27,676		$	85,604	$	83,607
Undistributed earnings allocated to common shareholders	53,716		12,045			172,436		141,426
Total common shareholders earnings, diluted	$	84,039	$	39,721		$	258,040	$	225,032
Weighted average common shares outstanding	150,046		152,440			151,473		153,175
Effect of dilutive common stock awards	1,096		754			1,228		739

Diluted weighted average common shares outstanding	151,143		153,194			152,701		153,914
Basic earnings per common share	$	0.56	$	0.26		$	1.70	$	1.47
Diluted earnings per common share	$	0.56	$	0.26		$	1.69	$	1.46

Non-dilutive common stock options of approximately 3 million and 8 million for the three months ended September 30, 2021 and 2020, respectively, and 3 million and 7 million for the nine months ended September 30, 2021 and 2020, respectively, were excluded from the earnings per common share calculation.