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Earnings Per Common Share
 3 Months Ended
Mar. 31, 2015
Earnings Per Share [Abstract]  
Earnings Per Common Share
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 March 31,
 
2015
 
2014
 
(In Thousands, except per share data)
Net income
$
46,672

 
$
45,199

Preferred stock dividends
(1,228
)
 
(1,244
)
Net income available to common equity
$
45,444

 
$
43,955

Common shareholder dividends
(15,166
)
 
(14,488
)
Dividends on unvested share-based payment awards
(114
)
 
(151
)
Undistributed earnings
$
30,164

 
$
29,316

Undistributed earnings allocated to common shareholders
29,886

 
29,126

Undistributed earnings allocated to unvested share-based payment awards
278

 
190

Undistributed earnings
$
30,164

 
$
29,316

Basic
 
 
 
Distributed earnings to common shareholders
$
15,166

 
$
14,488

Undistributed earnings allocated to common shareholders
29,886

 
29,126

Total common shareholders earnings, basic
$
45,052

 
$
43,614

Diluted
 
 
 
Distributed earnings to common shareholders
$
15,166

 
$
14,488

Undistributed earnings allocated to common shareholders
29,886

 
29,126

Total common shareholders earnings, diluted
$
45,052

 
$
43,614

Weighted average common shares outstanding
150,070

 
161,467

Effect of dilutive common stock awards
1,094

 
721

Diluted weighted average common shares outstanding
151,164

 
162,188

Basic earnings per common share
$
0.30

 
$
0.27

Diluted earnings per common share
$
0.30

 
$
0.27


Options to purchase approximately 2 million and 3 million common shares were outstanding for the three months ended March 31, 2015 and 2014, respectively, but excluded from the calculation of diluted earnings per common share as the effect would have been anti-dilutive.