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Earnings per Share
 6 Months Ended
Jun. 30, 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 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, 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
  2014  2013  2014  2013
  (In Thousands, except per share data)
Net income$ 46,365 $ 47,888 $ 91,564 $ 95,276
Preferred stock dividends  (1,278)   (1,300)   (2,522)   (2,600)
Net income available to common equity$ 45,087 $ 46,588 $ 89,042 $ 92,676
Common shareholder dividends  (14,393)   (13,305)   (28,881)   (26,682)
Dividends on unvested share-based payment awards  (143)   (168)   (294)   (275)
Undistributed earnings$ 30,551 $ 33,115 $ 59,867 $ 65,719
            
Undistributed earnings allocated to common shareholders  30,247   32,864   59,375   65,239
Undistributed earnings allocated to unvested share-based payment awards  304   251   492   480
Undistributed earnings$ 30,551 $ 33,115 $ 59,867 $ 65,719
            
Basic           
Distributed earnings to common shareholders$ 14,393 $ 13,305 $ 28,881 $ 26,682
Undistributed earnings allocated to common shareholders  30,247   32,864   59,375   65,239
Total common shareholders earnings, basic$ 44,640 $ 46,169 $ 88,256 $ 91,921
            
Diluted           
Distributed earnings to common shareholders$ 14,393 $ 13,305 $ 28,881 $ 26,682
Undistributed earnings allocated to common shareholders  30,247   32,864   59,375   65,239
Total common shareholders earnings, diluted$ 44,640 $ 46,169 $ 88,256 $ 91,921
            
Weighted average common shares outstanding  159,940   166,605   160,699   167,415
Effect of dilutive common stock awards  898   143   814   137
Diluted weighted average common shares outstanding  160,838   166,748   161,513   167,552
            
Basic earnings per common share$0.28 $0.28 $0.55 $0.55
Diluted earnings per common share$0.28 $0.28 $0.55 $0.55

Options to purchase approximately 3 million and 2 million shares were outstanding for the three and six months ended June 30, 2014, respectively, but excluded from the calculation of diluted earnings per common share as the effect would have been anti-dilutive. 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.