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Earnings per common share
 12 Months Ended
Dec. 31, 2022
Earnings Per Share [Abstract]  
Earnings per common share

15. Earnings per common share

The computations of basic earnings per common share follow:

 

 

Year Ended December 31

 

 

 

2022

 

 

2021

 

 

2020

 

 

 

(In thousands, except per share)

 

Income available to common shareholders:

 

 

 

 

 

 

 

 

 

Net income

 

$

1,991,663

 

 

$

1,858,746

 

 

$

1,353,152

 

Less: Preferred stock dividends

 

 

(96,587

)

 

 

(72,915

)

 

 

(68,228

)

Net income available to common equity

 

 

1,895,076

 

 

 

1,785,831

 

 

 

1,284,924

 

Less: Income attributable to unvested stock-based
   compensation awards

 

 

(3,607

)

 

 

(8,854

)

 

 

(5,858

)

Net income available to common shareholders

 

$

1,891,469

 

 

$

1,776,977

 

 

$

1,279,066

 

Weighted-average shares outstanding:

 

 

 

 

 

 

 

 

 

Common shares outstanding (including common stock
   issuable) and unvested stock-based compensation awards

 

 

163,489

 

 

 

129,539

 

 

 

129,404

 

Less: Unvested stock-based compensation awards

 

 

(315

)

 

 

(890

)

 

 

(766

)

Weighted-average shares outstanding

 

 

163,174

 

 

 

128,649

 

 

 

128,638

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per common share

 

$

11.59

 

 

$

13.81

 

 

$

9.94

 

The computations of diluted earnings per common share follow:

 

 

Year Ended December 31

 

 

 

2022

 

 

2021

 

 

2020

 

 

 

(In thousands, except per share)

 

 

 

 

 

 

 

 

 

 

 

Net income available to common equity

 

$

1,895,076

 

 

$

1,785,831

 

 

$

1,284,924

 

Less: Income attributable to unvested stock-based
   compensation awards

 

 

(3,596

)

 

 

(8,844

)

 

 

(5,856

)

Net income available to common shareholders

 

$

1,891,480

 

 

$

1,776,987

 

 

$

1,279,068

 

Adjusted weighted-average shares outstanding:

 

 

 

 

 

 

 

 

 

Common and unvested stock-based compensation awards

 

 

163,489

 

 

 

129,539

 

 

 

129,404

 

Less: Unvested stock-based compensation awards

 

 

(315

)

 

 

(890

)

 

 

(766

)

Plus: Incremental shares from assumed conversion of
   stock-based compensation awards and warrants to
   purchase common stock

 

 

856

 

 

 

163

 

 

 

66

 

Adjusted weighted-average shares outstanding

 

 

164,030

 

 

 

128,812

 

 

 

128,704

 

 

 

 

 

 

 

 

 

 

 

Diluted earnings per common share

 

$

11.53

 

 

$

13.80

 

 

$

9.94

 

 

GAAP defines unvested share-based awards that contain nonforfeitable rights to dividends or dividend equivalents (whether paid or unpaid) as participating securities that shall be included in the computation of earnings per common share pursuant to the two-class method. The Company has issued stock-based compensation awards in the form of restricted stock and restricted stock units, which, in accordance with GAAP, are considered participating securities.

Stock-based compensation awards and warrants to purchase common stock of M&T representing common shares of 453,000 in 2022, 461,000 in 2021 and 474,000 in 2020 were not included in the computations of diluted earnings per common share because the effect on those years would have been antidilutive.