Earnings Per Share

12 Months Ended

Dec. 31, 2023

The following table sets forth the computation of basic and diluted earnings per common share for 2023, 2022 and 2021:


(In thousands, except per share data)		2023		2022		2021
Net income		$	622,626	$	509,682	$	466,151
Less: Preferred stock dividends		27,964		27,964		27,964


Net income applicable to common shares	(A)	$	594,662	$	481,718	$	438,187

Weighted average common shares outstanding	(B)	61,149		59,205		56,994
Effect of dilutive potential common shares:
Common stock equivalents		938		886		792


Weighted average common shares and effect of dilutive potential common shares	(C)	62,087		60,091		57,786
Net income per common share:
Basic	(A/B)	$	9.72	$	8.14	$	7.69
Diluted	(A/C)	9.58		8.02		7.58

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.