Earnings Per Common Share

6 Months Ended

Jun. 30, 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 Jun 30,				Six Months Ended Jun 30,
(In Thousands, except per share data)	2022		2021			2022		2021
Net income	$	86,824	$	91,007		$	161,086	$	185,307
Preferred stock dividends	(2,875)		(4,875)			(5,750)		(10,082)
Net income available to common equity	$	83,949	$	86,131		$	155,336	$	175,226
Common shareholder dividends	(30,126)		(27,620)			(60,499)		(55,280)
Unvested share-based payment awards	(205)		(203)			(415)		(412)
Undistributed earnings	$	53,618	$	58,309		$	94,422	$	119,533
Undistributed earnings allocated to common shareholders	$	53,257	$	57,887		$	93,807	$	118,722
Undistributed earnings allocated to unvested share-based payment awards	361		422			615		810
Undistributed earnings	$	53,618	$	58,309		$	94,422	$	119,533
Basic
Distributed earnings to common shareholders	$	30,126	$	27,620		$	60,499	$	55,280
Undistributed earnings allocated to common shareholders	53,257		57,887			93,807		118,722
Total common shareholders earnings, basic	$	83,383	$	85,506		$	154,306	$	174,002
Diluted
Distributed earnings to common shareholders	$	30,126	$	27,620		$	60,499	$	55,280
Undistributed earnings allocated to common shareholders	53,257		57,887			93,807		118,722
Total common shareholders earnings, diluted	$	83,383	$	85,506		$	154,306	$	174,002
Weighted average common shares outstanding	149,083		152,042			148,933		152,198
Effect of dilutive common stock awards	1,121		1,339			1,332		1,275

Diluted weighted average common shares outstanding	150,203		153,381			150,265		153,473
Basic earnings per common share	$	0.56	$	0.56		$	1.04	$	1.14
Diluted earnings per common share	$	0.56	$	0.56		$	1.03	$	1.13

Anti-dilutive common stock options of approximately 3 million for the three and six months ended June 30, 2022 and 2021 were excluded from the earnings per common share calculation.