Earnings Per Common Share |
Earnings Per Common Share 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) | 2023 | 2022 | 2021 | Net income | $ | 182,956 | | $ | 366,122 | | $ | 350,994 | | Preferred stock dividends | (11,500) | | (11,500) | | (17,111) | | Net income available to common equity | $ | 171,456 | | $ | 354,622 | | $ | 333,883 | | Common shareholder dividends | $ | (128,748) | | $ | (122,417) | | $ | (115,212) | | Unvested share-based payment awards | (785) | | (720) | | (849) | | Undistributed earnings | $ | 41,922 | | $ | 231,485 | | $ | 217,822 | | Undistributed earnings allocated to common shareholders | $ | 41,675 | | $ | 229,995 | | $ | 216,299 | | Undistributed earnings allocated to unvested share-based payment awards | 247 | | 1,490 | | 1,523 | | Undistributed earnings | $ | 41,922 | | $ | 231,485 | | $ | 217,822 | | Basic | | | | Distributed earnings to common shareholders | $ | 128,748 | | $ | 122,417 | | $ | 115,212 | | Undistributed earnings allocated to common shareholders | 41,675 | | 229,995 | | 216,299 | | Total common shareholders earnings, basic | $ | 170,424 | | $ | 352,412 | | $ | 331,510 | | Diluted | | | | Distributed earnings to common shareholders | $ | 128,748 | | $ | 122,417 | | $ | 115,212 | | Undistributed earnings allocated to common shareholders | 41,675 | | 229,995 | | 216,299 | | Total common shareholders earnings, diluted | $ | 170,424 | | $ | 352,412 | | $ | 331,510 | | Weighted average common shares outstanding | 149,968 | | 149,162 | | 150,773 | | Effect of dilutive common stock awards | 892 | | 1,334 | | 1,214 | | | | | | Diluted weighted average common shares outstanding | 150,860 | | 150,496 | | 151,987 | | Basic earnings per common share | $ | 1.14 | | $ | 2.36 | | $ | 2.20 | | Diluted earnings per common share | $ | 1.13 | | $ | 2.34 | | $ | 2.18 | |
Approximately 3 million anti-dilutive common stock options were excluded from the earnings per share calculation at December 31, 2023, 2 million at December 31, 2022, and 3 million at December 31, 2021.
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