| Earnings Per Common Share |
Earnings Per Common Share 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) | 2022 | | 2021 | | 2022 | 2021 | | Net income | $ | 96,275 | | | $ | 88,809 | | | $ | 257,360 | | $ | 274,117 | | | Preferred stock dividends | (2,875) | | | (4,155) | | | (8,625) | | (14,236) | | | Net income available to common equity | $ | 93,400 | | | $ | 84,655 | | | $ | 248,735 | | $ | 259,880 | | | Common shareholder dividends | (30,149) | | | (30,323) | | | (90,647) | | (85,604) | | | Unvested share-based payment awards | (194) | | | (222) | | | (609) | | (634) | | | Undistributed earnings | $ | 63,057 | | | $ | 54,109 | | | $ | 157,479 | | $ | 173,642 | | | Undistributed earnings allocated to common shareholders | $ | 62,648 | | | $ | 53,716 | | | $ | 156,454 | | $ | 172,436 | | | Undistributed earnings allocated to unvested share-based payment awards | 409 | | | 393 | | | 1,025 | | 1,206 | | | Undistributed earnings | $ | 63,057 | | | $ | 54,109 | | | $ | 157,479 | | $ | 173,642 | | | Basic | | | | | | | | Distributed earnings to common shareholders | $ | 30,149 | | | $ | 30,323 | | | $ | 90,647 | | $ | 85,604 | | | Undistributed earnings allocated to common shareholders | 62,648 | | | 53,716 | | | 156,454 | | 172,436 | | | Total common shareholders earnings, basic | $ | 92,796 | | | $ | 84,039 | | | $ | 247,102 | | $ | 258,040 | | | Diluted | | | | | | | | Distributed earnings to common shareholders | $ | 30,149 | | | $ | 30,323 | | | $ | 90,647 | | $ | 85,604 | | | Undistributed earnings allocated to common shareholders | 62,648 | | | 53,716 | | | 156,454 | | 172,436 | | | Total common shareholders earnings, diluted | $ | 92,796 | | | $ | 84,039 | | | $ | 247,102 | | $ | 258,040 | | | Weighted average common shares outstanding | 149,321 | | | 150,046 | | | 149,063 | | 151,473 | | | Effect of dilutive common stock awards | 942 | | | 1,096 | | | 1,141 | | 1,228 | | | | | | | | | | Diluted weighted average common shares outstanding | 150,262 | | | 151,143 | | | 150,205 | | 152,701 | | | Basic earnings per common share | $ | 0.62 | | | $ | 0.56 | | | $ | 1.66 | | $ | 1.70 | | | Diluted earnings per common share | $ | 0.62 | | | $ | 0.56 | | | $ | 1.65 | | $ | 1.69 | |
Approximately 3 million anti-dilutive common stock options were excluded from the earnings per common share calculation for the three and nine months ended September 30, 2022 and 2021
|