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Earnings per Share
 3 Months Ended
Mar. 31, 2014
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.

 

  Three Months Ended March 31,
  2014  2013
  (In Thousands, except per share data)
Net income$ 45,199 $ 47,388
Preferred stock dividends  (1,244)   (1,300)
Net income available to common equity$ 43,955 $ 46,088
Common shareholder dividends  (14,488)   (13,377)
Unvested share-based payment awards  (151)   (107)
Undistributed earnings$ 29,316 $ 32,604
      
Undistributed earnings allocated to common shareholders$ 29,126 $ 32,375
Undistributed earnings allocated to unvested share-based payment awards  190   229
Undistributed earnings$ 29,316 $ 32,604
      
Basic     
Distributed earnings to common shareholders$ 14,488 $ 13,377
Undistributed earnings allocated to common shareholders  29,126   32,375
Total common shareholders earnings, basic$ 43,614 $ 45,752
      
Diluted     
Distributed earnings to common shareholders$ 14,488 $ 13,377
Undistributed earnings allocated to common shareholders  29,126   32,375
Total common shareholders earnings, diluted$ 43,614 $ 45,752
      
Weighted average common shares outstanding  161,467   168,234
Effect of dilutive common stock awards  721   170
Diluted weighted average common shares outstanding  162,188   168,404
      
Basic earnings per common share$ 0.27 $ 0.27
Diluted earnings per common share$ 0.27 $ 0.27

Options to purchase approximately 3 million shares were outstanding for both March 31, 2014 and March 31, 2013, but excluded from the calculation of diluted earnings per common share as the effect would have been anti-dilutive.