Earnings Per Share

9 Months Ended

Sep. 30, 2019

EARNINGS PER SHARE

The computations of basic and diluted earnings per share were as follows:



	Three Months Ended September 30,						Nine Months Ended September 30,
(in thousands, except per share data)	2019			2018			2019			2018
Earnings Per Common Share - Basic:
Net income	$	99,850		$	101,465		$	301,579		$	240,210
Less: Preferred stock dividends	3,599			3,599			8,146			8,146
Less: Dividends and undistributed earnings allocated to unvested restricted shares	874			908			2,806			2,341
Earnings allocated to common shareholders - basic	$	95,377		$	96,958		$	290,627		$	229,723
Weighted average common shares outstanding	51,984			55,571			53,160			55,047
Earnings per common share - basic	$	1.83		$	1.74		$	5.47		$	4.17
Earnings Per Common Share - Diluted:
Earnings allocated to common shareholders - basic	$	95,377		$	96,958		$	290,627		$	229,723
Adjustment for undistributed earnings allocated to unvested restricted shares	(17		)	(25		)	(37		)	(49		)
Earnings allocated to common shareholders - diluted	$	95,360		$	96,933		$	290,590		$	229,674
Weighted average common shares outstanding	51,984			55,571			53,160			55,047
Dilutive potential common shares	308			374			333			360
Weighted average common shares outstanding - diluted	52,292			55,945			53,493			55,407
Earnings per common share - diluted	$	1.82		$	1.73		$	5.43		$	4.14

For the three months ended September 30, 2019 and 2018, the calculations for basic shares outstanding excluded weighted average shares owned by the RRP of 491,977 and 542,796, respectively. For the nine months ended September 30, 2019 and 2018, the calculations for basic shares outstanding excluded weighted average shares owned by the RRP of 525,652 and 581,397, respectively.

The effects from the assumed exercises of 152,991 and 60,931 stock options were not included in the computation of diluted earnings per share for the three months ended September 30, 2019 and 2018, respectively, because they were antidilutive. For the nine months ended September 30, 2019 and 2018, the effects from the assumed exercises of 152,991 and 147,834 stock options, respectively, were not included in the computation of diluted earnings per share because they were antidilutive.