Earnings Per Common Share

3 Months Ended

Mar. 31, 2022

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 Mar 31,
(In Thousands, except per share data)	2022		2021
Net income	$	74,262	$	94,301
Preferred stock dividends	(2,875)		(5,207)
Net income available to common equity	$	71,387	$	89,094
Common shareholder dividends	(30,372)		(27,661)
Unvested share-based payment awards	(211)		(209)
Undistributed earnings	$	40,804	$	61,224
Undistributed earnings allocated to common shareholders	$	40,548	$	60,836
Undistributed earnings allocated to unvested share-based payment awards	256		387
Undistributed earnings	$	40,804	$	61,224
Basic
Distributed earnings to common shareholders	$	30,372	$	27,661
Undistributed earnings allocated to common shareholders	40,548		60,836
Total common shareholders earnings, basic	$	70,920	$	88,497
Diluted
Distributed earnings to common shareholders	$	30,372	$	27,661
Undistributed earnings allocated to common shareholders	40,548		60,836
Total common shareholders earnings, diluted	$	70,920	$	88,497
Weighted average common shares outstanding	148,781		152,355
Effect of dilutive common stock awards	1,711		1,333

Diluted weighted average common shares outstanding	150,492		153,688
Basic earnings per common share	$	0.48	$	0.58
Diluted earnings per common share	$	0.47	$	0.58

Anti-dilutive common stock options of approximately 2 million and 3 million for the three months ended March 31, 2022 and 2021, respectively, were excluded from the earnings per common share calculation.