Earnings Per Share

12 Months Ended

Dec. 31, 2016

The following table sets forth the computation of basic and diluted earnings per common share for 2016 , 2015 and 2014:



(In thousands, except per share data)		2016		2015		2014
Net income		$	206,875	$	156,749	$	151,398
Less: Preferred stock dividends		14,513		10,869		6,323
Net income applicable to common shares—Basic	(A)	$	192,362	$	145,880	$	145,075
Add: Dividends on convertible preferred stock, if dilutive		6,313		6,314		6,323
Net income applicable to common shares—Diluted	(B)	$	198,675	$	152,194	$	151,398
Weighted average common shares outstanding	(C)	50,278		47,838		46,524
Effect of dilutive potential common shares:
Common stock equivalents		894		1,029		1,246
Convertible preferred stock, if dilutive		3,100		3,070		3,075
Total dilutive potential common shares		3,994		4,099		4,321
Weighted average common shares and effect of dilutive potential common shares	(D)	54,272		51,937		50,845
Net income per common share:
Basic	(A/C)	$	3.83	$	3.05	$	3.12
Diluted	(B/D)	3.66		2.93		2.98

Potentially dilutive common shares can result from stock options, restricted stock unit awards, stock warrants, the Company’s convertible preferred stock 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.