EARNINGS PER COMMON SHARE

12 Months Ended

Dec. 31, 2021

Earnings Per Share [Abstract]

EARNINGS PER COMMON SHARE [Text Block]

NOTE 21 – EARNINGS PER COMMON SHARE

The calculations of earnings per common share for the years ended December 31, 2021, 2020, and 2019 are as follows:

Year Ended December 31,

2021

2020

2019

(In thousands, except per share information)

Net income 

$

281,025

$

102,273

$

167,377

Less: Preferred stock dividends 

(2,453)

(2,676)

(2,676)

Less: Excess of redemption value over carrying value of Series A through E 

 Preferred Stock redeemed

(1,234)

-

-

Net income attributable to common stockholders

$

277,338

$

99,597

$

164,701

Weighted-Average Shares:

 Average common shares outstanding

210,122

216,904

216,614

 Average potential dilutive common shares 

1,178

764

520

 Average common shares outstanding - assuming dilution

211,300

217,668

217,134

Earnings per common share:

Basic 

$

1.32

$

0.46

$

0.76

Diluted 

$

1.31

$

0.46

$

0.76

Earnings per common share is computed by dividing net income attributable to common stockholders by the weighted-average

number of common shares issued and outstanding. Net income attributable to common stockholders represents net income adjusted for

any preferred stock dividends, including any dividends declared but not yet paid, and any cumulative dividends related to the current

dividend period that have not been declared as of the end of the period. For 2021, net income attributable to common stockholders was

also adjusted due to the one -time effect to retained earnings of the excess of the redemption value paid over the carrying value of the

Series A through E Preferred Stock redeemed as discussed in Note 23 – Stockholders’ Equity below. Basic weighted-average common

shares outstanding exclude unvested shares of restricted stock that do not contain non-forfeitable dividend rights.

Potential dilutive common shares consist of unvested shares of restricted stock that do not contain non-forfeitable dividend rights

using the treasury stock method. This method assumes that proceeds equal to the amount of compensation cost attributable to future

services is used to repurchase shares on the open market at the average market price for the period. The difference between the

number of potential dilutive shares issued and the shares purchased is added as incremental shares to the actual number of shares

outstanding to compute diluted earnings per share. Unvested shares of restricted stock outstanding during the period that result in

lower potentially dilutive shares issued than shares purchased under the treasury stock method are not included in the computation of

dilutive earnings per share since their inclusion would have an antidilutive effect on earnings per share. Potential dilutive common

shares also include performance units that do not contain non-forfeitable dividend rights if the performance condition is met as of the

end of the reporting period.