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Earnings per Share
 6 Months Ended
Jun. 30, 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 common shares outstanding 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.

 

  For the Three Months Ended  For the Six Months Ended
  June 30,  June 30,
  2013  2012  2013  2012
  (In Thousands, except per share data)
Net income$ 47,888 $ 43,317 $ 95,276 $ 85,950
Preferred stock dividends  1,300   1,300   2,600   2,600
Net income available to common equity$ 46,588 $ 42,017 $ 92,676 $ 83,350
Common shareholder dividends  (13,305)   (8,604)   (26,682)   (17,299)
Unvested share-based payment awards  (168)   (40)   (275)   (80)
Undistributed earnings$ 33,115 $ 33,373 $ 65,719 $ 65,971
            
Undistributed earnings allocated to common shareholders  32,864   33,222   65,239   65,665
Undistributed earnings allocated to unvested share-based payment awards  251   151   480   306
Undistributed earnings$ 33,115 $ 33,373 $ 65,719 $ 65,971
            
Basic           
Distributed earnings to common shareholders$ 13,305 $ 8,604 $ 26,682 $ 17,299
Undistributed earnings allocated to common shareholders  32,864   33,222   65,239   65,665
Total common shareholders earnings, basic$ 46,169 $ 41,826 $ 91,921 $ 82,964
            
Diluted           
Distributed earnings to common shareholders$ 13,305 $ 8,604 $ 26,682 $ 17,299
Undistributed earnings allocated to common shareholders  32,864   33,222   65,239   65,665
Total common shareholders earnings, diluted$ 46,169 $ 41,826 $ 91,921 $ 82,964
            
Weighted average common shares outstanding  166,605   172,839   167,415   173,343
Effect of dilutive common stock awards  143   2   137   2
Diluted weighted average common shares outstanding  166,748   172,841   167,552   173,345
            
Basic earnings per common share$0.28 $0.24 $0.55 $0.48
Diluted earnings per common share$0.28 $0.24 $0.55 $0.48

Options to purchase approximately 3 million shares were outstanding for both the three and six months ended June 30, 2013, but excluded from the calculation of diluted earnings per common share as the effect would have been anti-dilutive. Options to purchase approximately 9 million and 6 million shares were outstanding for the three and six months ended June 30, 2012, respectively, but excluded from the calculation of diluted earnings per common share as the effect would have been anti-dilutive.