Earnings Per Common Share

12 Months Ended

Dec. 31, 2023

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.