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Earnings (Loss) Per Common Share and Stockholders' Equity
 6 Months Ended
Jun. 30, 2020
Earnings Per Share [Abstract]  
Earnings (Loss) Per Common Share and Stockholders' Equity Earnings (Loss) Per Common Share and Stockholders' Equity
Earnings (Loss) Per Common Share
The following table sets forth the computation of earnings (loss) per common share and earnings (loss) per common share - assuming dilution:
 
Three Months Ended 
 June 30,
 
Six Months Ended 
 June 30,
 
2020
 
2019
 
2020
 
2019
 
(Dollars in thousands, except per share data)
Numerator:
 
 
 
 
 
 
 
Net income (loss) available to common stockholders - numerator for earnings (loss) per common share
$
(253,379
)
 
$
18,590

 
$
(17,043
)
 
$
(11,420
)
 
 
 
 
 
 
 
 
Denominator:
 
 
 
 
 
 
 
Weighted average common shares outstanding
91,803,312

 
91,103,151

 
91,723,814

 
90,993,810

Effect of dilutive securities:
 
 
 
 
 
 
 
Stock options and deferred compensation agreements
63,265

 
333,780

 
100,277

 
394,390

Restricted stock and restricted stock units
160,276

 
348,292

 
199,875

 
376,898

Denominator for earnings (loss) per common share - assuming dilution
92,026,853

 
91,785,223

 
92,023,966

 
91,765,098

 
 
 
 
 
 
 
 
Earnings (loss) per common share
$
(2.76
)
 
$
0.20

 
$
(0.19
)
 
$
(0.13
)
Earnings (loss) per common share - assuming dilution
$
(2.76
)
 
$
0.20

 
$
(0.19
)
 
$
(0.13
)

During the three months ended June 30, 2020, there were 519,285 options to purchase shares of our common stock outstanding, with an exercise price of $24.79 - $26.70, excluded from the computation of diluted loss per common share. During the six months ended June 30, 2020, there were 50,000 options to purchase shares of our common stock outstanding, with an exercise price of $26.70, excluded from the computation of diluted loss per common share. There were no options to purchase shares of our common stock outstanding excluded from the computation of diluted earnings (loss) per common share during the three and six months ended June 30, 2019, as the exercise price of all options outstanding was less than the average market price of our common shares for those periods.
Stockholders' Equity
On June 10, 2020, we issued 12,000 shares of 6.625% Fixed-Rate Reset Non-Cumulative Preferred Stock, Series B ("Series B") with a $1.00 par value per share and a liquidation preference of $25,000 per share, for aggregate net proceeds of $290.3 million.
On November 21, 2019 we issued 16,000 shares of 5.95% Fixed-Rate Reset Non-Cumulative Preferred Stock, Series A ("Series A") with a $1.00 par value per share and a liquidation preference of $25,000 per share, for aggregate net proceeds of $388.9 million. We used a portion of the proceeds to redeem all of our floating rate subordinated debentures.
Dividends on the Series A and Series B preferred stock are payable on a non-cumulative basis only when, as and if declared, quarterly in arrears on the first day of March, June, September and December of each year, commencing on March 1, 2020 for Series A and on December 1, 2020 for Series B. On March 1 and June 1, 2020, we paid dividends totaling $6.6 million and $6.0 million, respectively, on the Series A preferred stock. The Series A and Series B preferred stock rank senior to our common stock with respect to dividends, to the extent declared, and in liquidation, to the extent of the liquidation preference. The Series A and Series B preferred stock are not subject to any mandatory redemption, sinking fund, retirement fund, purchase fund or similar provisions.