Earnings Per Common Share

9 Months Ended

Sep. 30, 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 Sep 30,				Nine Months Ended Sep 30,
($ in thousands, except per share data)	2024		2023		2024		2023
Net income	$	88,018	$	83,248	$	284,760	$	273,762
Preferred stock dividends	(2,875)		(2,875)		(8,625)		(8,625)
Net income available to common equity	85,143		80,373		276,135		265,137
Common shareholder dividends	(33,413)		(31,806)		(100,131)		(95,417)
Unvested share-based payment awards	(185)		(190)		(502)		(588)
Undistributed earnings	$	51,544	$	48,377	$	175,502	$	169,132
Undistributed earnings allocated to common shareholders	$	51,255	$	48,090	$	174,511	$	168,136
Undistributed earnings allocated to unvested share-based payment awards	289		287		991		996
Undistributed earnings	$	51,544	$	48,377	$	175,502	$	169,132
Basic
Distributed earnings to common shareholders	$	33,413	$	31,806	$	100,131	$	95,417
Undistributed earnings allocated to common shareholders	51,255		48,090		174,511		168,136
Total common shareholders earnings, basic	$	84,669	$	79,896	$	274,642	$	263,553
Diluted
Distributed earnings to common shareholders	$	33,413	$	31,806	$	100,131	$	95,417
Undistributed earnings allocated to common shareholders	51,255		48,090		174,511		168,136
Total common shareholders earnings, diluted	$	84,669	$	79,896	$	274,642	$	263,553
Weighted average common shares outstanding	150,247		150,035		149,993		149,929
Effect of dilutive common stock awards	1,244		980		1,251		1,042

Diluted weighted average common shares outstanding	151,492		151,014		151,244		150,971
Basic earnings per common share	$	0.56	$	0.53	$	1.83	$	1.76
Diluted earnings per common share	$	0.56	$	0.53	$	1.82	$	1.75

Excluded from the earnings per common share calculations were 2 million and 4 million anti-dilutive common stock options for the three months ended September 30, 2024 and 2023, respectively, and 2 million and 3 million anti-dilutive common stock options were excluded from the earnings per common share calculations for the nine months ended September 30, 2024 and 2023, respectively.