Earnings Per Share

12 Months Ended

Dec. 31, 2022

The following table sets forth the computation of basic and diluted earnings per common share for 2022, 2021 and 2020:


(In thousands, except per share data)		2022		2021		2020
Net income		$	509,682	$	466,151	$	292,990
Less: Preferred stock dividends		27,964		27,964		21,377


Net income applicable to common shares	(A)	$	481,718	$	438,187	$	271,613

Weighted average common shares outstanding	(B)	59,205		56,994		57,523
Effect of dilutive potential common shares:
Common stock equivalents		886		792		496


Weighted average common shares and effect of dilutive potential common shares	(C)	60,091		57,786		58,019
Net income per common share:
Basic	(A/B)	$	8.14	$	7.69	$	4.72
Diluted	(A/C)	8.02		7.58		4.68

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