Earnings Per Common Share

12 Months Ended

Dec. 31, 2021

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,
($ in Thousands, except per share data)	2021		2020		2019
Net income	$	350,994	$	306,771	$	326,790
Preferred stock dividends	(17,111)		(18,358)		(15,202)
Net income available to common equity	$	333,883	$	288,413	$	311,587
Common shareholder dividends	$	(115,212)	$	(111,291)	$	(111,091)
Unvested share-based payment awards	(849)		(732)		(713)
Undistributed earnings	$	217,822	$	176,390	$	199,784
Undistributed earnings allocated to common shareholders	$	216,299	$	175,134	$	198,424
Undistributed earnings allocated to unvested share-based payment awards	1,523		1,256		1,360
Undistributed earnings	$	217,822	$	176,390	$	199,784
Basic
Distributed earnings to common shareholders	$	115,212	$	111,291	$	111,091
Undistributed earnings allocated to common shareholders	216,299		175,134		198,424
Total common shareholders earnings, basic	$	331,510	$	286,425	$	309,514
Diluted
Distributed earnings to common shareholders	$	115,212	$	111,291	$	111,091
Undistributed earnings allocated to common shareholders	216,299		175,134		198,424
Total common shareholders earnings, diluted	$	331,510	$	286,425	$	309,514
Weighted average common shares outstanding	150,773		153,005		160,534
Effect of dilutive common stock awards	1,214		637		1,398

Diluted weighted average common shares outstanding	151,987		153,642		161,932
Basic earnings per common share	$	2.20	$	1.87	$	1.93
Diluted earnings per common share	$	2.18	$	1.86	$	1.91

Anti-dilutive common stock options of 3 million at December 31, 2021, 7 million at December 31, 2020, and 3 million December 31, 2019, were excluded from the earnings per common share calculation.