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Earnings Per Common Share
 12 Months Ended
Dec. 31, 2013
Earnings Per Share [Abstract]  
Earnings Per Share

NOTE 19  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.

 

  For the Years Ended December 31,
  201320122011
  (In thousands, except per share data)
Net income $188,692$178,973$139,699
Preferred stock dividends and discount accretion  (5,158) (5,200) (24,830)
Net income available to common equity $183,534$173,773$114,869
Common shareholder dividends  (54,505) (39,462) (6,935)
Unvested share-based payment awards  (486) (172) (42)
Undistributed earnings $128,543$134,139$107,892
        
Undistributed earnings allocated to common shareholders  127,592 133,549 107,231
Undistributed earnings allocated to unvested share-based payment awards  951 590 661
Undistributed earnings $128,543$134,139$107,892
        
Basic       
Distributed earnings to common shareholders $54,505$39,462$6,935
Undistributed earnings allocated to common shareholders  127,592 133,549 107,231
Total common shareholders earnings, basic $182,097$173,011$114,166
        
Diluted       
Distributed earnings to common shareholders $54,505$39,462$6,935
Undistributed earnings allocated to common shareholders  127,592 133,549 107,231
Total common shareholders earnings, diluted $182,097$173,011$114,166
        
Weighted average common shares outstanding  165,584 172,255 173,370
Effect of dilutive common stock awards   218 102 2
Diluted weighted average common shares outstanding  165,802 172,357 173,372
        
Basic earnings per common share $1.10$1.00$0.66
Diluted earnings per common share $1.10$1.00$0.66

Options to purchase approximately 3 million, 9 million, and 8 million shares were outstanding at December 31, 2013, 2012, and 2011, respectively, but excluded from the calculation of diluted earnings per common share as the effect would have been anti-dilutive