Earnings Per Share

12 Months Ended

Dec. 31, 2020

The following table sets forth the computation of basic and diluted earnings per common share for 2020, 2019 and 2018:


(In thousands, except per share data)		2020		2019		2018
Net income		$	292,990	$	355,697	$	343,166
Less: Preferred stock dividends		21,377		8,200		8,200


Net income applicable to common shares	(A)	$	271,613	$	347,497	$	334,966

Weighted average common shares outstanding	(B)	57,523		56,857		56,300
Effect of dilutive potential common shares:
Common stock equivalents		496		762		908


Weighted average common shares and effect of dilutive potential common shares	(C)	58,019		57,619		57,208
Net income per common share:
Basic	(A/B)	$	4.72	$	6.11	$	5.95
Diluted	(A/C)	4.68		6.03		5.86

Potentially dilutive common shares can result from stock options, restricted stock unit awards, stock warrants 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.