Earnings Per Common Share

3 Months Ended

Mar. 31, 2024

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)	2024		2023
Net income	$	81,169	$	103,360
Preferred stock dividends	(2,875)		(2,875)
Net income available to common equity	$	78,294	$	100,485
Common shareholder dividends	(33,407)		(31,808)
Unvested share-based payment awards	(120)		(205)
Undistributed earnings	$	44,767	$	68,472
Undistributed earnings allocated to common shareholders	$	44,524	$	68,086
Undistributed earnings allocated to unvested share-based payment awards	242		386
Undistributed earnings	$	44,767	$	68,472
Basic
Distributed earnings to common shareholders	$	33,407	$	31,808
Undistributed earnings allocated to common shareholders	44,524		68,086
Total common shareholders earnings, basic	$	77,932	$	99,894
Diluted
Distributed earnings to common shareholders	$	33,407	$	31,808
Undistributed earnings allocated to common shareholders	44,524		68,086
Total common shareholders earnings, diluted	$	77,932	$	99,894
Weighted average common shares outstanding	149,855		149,763
Effect of dilutive common stock awards	1,436		1,365

Diluted weighted average common shares outstanding	151,292		151,128
Basic earnings per common share	$	0.52	$	0.67
Diluted earnings per common share	$	0.52	$	0.66

Approximately 2 million anti-dilutive common stock options were excluded from the earnings per common share calculations for both the three months ended March 31, 2024 and 2023.