Earnings Per Share

12 Months Ended

Dec. 31, 2015

The following table sets forth the computation of basic and diluted earnings per common share for 2015 , 2014 and 2013:



(In thousands, except per share data)		2015		2014		2013
Net income		$	156,749	$	151,398	$	137,210
Less: Preferred stock dividends and discount accretion		10,869		6,323		8,395
Net income applicable to common shares—Basic	(A)	$	145,880	$	145,075	$	128,815
Add: Dividends on convertible preferred stock, if dilutive		6,314		6,323		8,325
Net income applicable to common shares—Diluted	(B)	$	152,194	$	151,398	$	137,140
Weighted average common shares outstanding	(C)	47,838		46,524		38,699
Effect of dilutive potential common shares:
Common stock equivalents		1,029		1,246		7,108
Convertible preferred stock, if dilutive		3,070		3,075		4,141
Total dilutive potential common shares		4,099		4,321		11,249
Weighted average common shares and effect of dilutive potential common shares	(D)	51,937		50,845		49,948
Net income per common share:
Basic	(A/C)	$	3.05	$	3.12	$	3.33
Diluted	(B/D)	2.93		2.98		2.75

Potentially dilutive common shares can result from stock options, restricted stock unit awards, stock warrants, the Company’s convertible preferred stock, tangible equity unit shares and shares to be issued under the ESPP and the DDFS Plan, being treated as if they had been either exercised or issued, computed by application of the treasury stock method. While potentially dilutive common shares are typically included in the computation of diluted earnings per share, potentially dilutive common shares are excluded from this computation in periods in which the effect would reduce the loss per share or increase the income per share. For diluted earnings per share, net income applicable to common shares can be affected by the conversion of the Company’s convertible preferred stock. Where the effect of this conversion would reduce the loss per share or increase the income per share, net income applicable to common shares is not adjusted by the associated preferred dividends.