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Earnings Per Common Share
 3 Months Ended
Mar. 31, 2013
Earnings Per Share [Abstract]  
Earnings Per Share

NOTE 3: Earnings Per Common Share

 

Earnings per share are calculated utilizing the two-class method. Basic earnings per 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 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 shares adjusted for the dilutive effect of common stock awards (outstanding stock options, unvested restricted stock, and outstanding stock warrants). Presented below are the calculations for basic and diluted earnings per common share.

 

  Three Months Ended March 31,
  2013  2012
  (In Thousands, except per share data)
Net income$ 47,388 $ 42,633
Preferred stock dividends and discount accretion  (1,300)   (1,300)
Net income available to common equity$ 46,088 $ 41,333
Common shareholder dividends  (13,377)   (8,683)
Unvested share-based payment awards  (107)   (40)
Undistributed earnings$ 32,604 $ 32,610
      
Undistributed earnings allocated to common shareholders$ 32,375 $ 32,455
Undistributed earnings allocated to unvested share-based payment awards  229   155
Undistributed earnings$ 32,604 $ 32,610
      
Basic     
Distributed earnings to common shareholders$ 13,377 $ 8,683
Undistributed earnings allocated to common shareholders  32,375   32,455
Total common shareholders earnings, basic$ 45,752 $ 41,138
      
Diluted     
Distributed earnings to common shareholders$ 13,377 $ 8,683
Undistributed earnings allocated to common shareholders  32,375   32,455
Total common shareholders earnings, diluted$ 45,752 $ 41,138
      
Weighted average common shares outstanding  168,234   173,846
Effect of dilutive common stock awards  170   2
Diluted weighted average common shares outstanding  168,404   173,848
      
Basic earnings per common share$ 0.27 $ 0.24
Diluted earnings per common share$ 0.27 $ 0.24

Options to purchase approximately 3 million and 6 million shares were outstanding at March 31, 2013 and March 31, 2012, respectively, but excluded from the calculation of diluted earnings per common share as the effect would have been anti-dilutive.