Earnings Per Common Share

12 Months Ended

Dec. 31, 2019


NOTE 16 – Earnings Per Common Share

The following is an analysis of People’s United’s basic and diluted EPS, reflecting the application of the two-class method, as described in Note 1:


Years ended December 31 (in millions, except per common share data)	2019		2018		2017
Net income available to common shareholders	$	506.3	$	454.0	$	323.1
Dividends paid on and undistributed earnings allocated to participating securities	(0.2)		(0.2)		(0.5)
Earnings attributable to common shareholders	$	506.1	$	453.8	$	322.6
Weighted average common shares outstanding for basic EPS	394.0		348.1		330.3
Effect of dilutive equity-based awards	3.2		3.6		2.6
Weighted average common shares and common-equivalent shares for diluted EPS	397.2		351.7		332.9
EPS:
Basic	$	1.28	$	1.30	$	0.98
Diluted	1.27		1.29		0.97

All unallocated ESOP common shares and all common shares accounted for as treasury shares have been excluded from the calculation of basic and diluted EPS. Anti-dilutive equity-based awards totaling 6.7 million shares, 6.8 million shares and 8.9 million shares for the years ended December 31, 2019, 2018 and 2017, respectively, have also been excluded from the calculation of diluted EPS.