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Earnings per Share
 9 Months Ended
Sep. 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 Nine Months Ended
  September 30  September 30
  2014  2013  2014  2013
  (In Thousands, except per share data)
Net income$ 50,207 $ 45,658 $ 141,771 $ 140,934
Preferred stock dividends  (1,255)   (1,285)   (3,777)   (3,885)
Net income available to common equity$ 48,952 $ 44,373 $ 137,994 $ 137,049
Common shareholder dividends  (13,983)   (13,167)   (42,864)   (39,849)
Dividends on unvested share-based payment awards  (140)   (100)   (435)   (374)
Undistributed earnings$ 34,829 $ 31,106 $ 94,695 $ 96,826
            
Undistributed earnings allocated to common shareholders  34,481   30,873   93,862   96,112
Undistributed earnings allocated to unvested share-based payment awards  348   233   833   714
Undistributed earnings$ 34,829 $ 31,106 $ 94,695 $ 96,826
            
Basic           
Distributed earnings to common shareholders$ 13,983 $ 13,167 $ 42,864 $ 39,849
Undistributed earnings allocated to common shareholders  34,481   30,873   93,862   96,112
Total common shareholders earnings, basic$ 48,464 $ 44,040 $ 136,726 $ 135,961
            
Diluted           
Distributed earnings to common shareholders$ 13,983 $ 13,167 $ 42,864 $ 39,849
Undistributed earnings allocated to common shareholders  34,481   30,873   93,862   96,112
Total common shareholders earnings, diluted$ 48,464 $ 44,040 $ 136,726 $ 135,961
            
Weighted average common shares outstanding  155,925   164,954   159,090   166,586
Effect of dilutive common stock awards  1,066   489   903   174
Diluted weighted average common shares outstanding  156,991   165,443   159,993   166,760
            
Basic earnings per common share$0.31 $0.27 $0.86 $0.82
Diluted earnings per common share$0.31 $0.27 $0.85 $0.82

Options to purchase approximately 2 million and 3 million shares were outstanding for the three and nine months ended September 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 nine months ended September 30, 2013, but excluded from the calculation of diluted earnings per common share as the effect would have been anti-dilutive.