Earnings per common share

3 Months Ended

Mar. 31, 2023

8. Earnings per common share

The computations of basic earnings per common share follow:


	Three Months Ended March 31
	2023			2022
	(In thousands, except per share)

Income available to common shareholders:
Net income	$	701,624		$	362,174
Less: Preferred stock dividends		(24,941	)		(21,765	)
Net income available to common equity		676,683			340,409
Less: Income attributable to unvested stock-based compensation awards		(1,175	)		(820	)
Net income available to common shareholders	$	675,508		$	339,589
Weighted-average shares outstanding:
Common shares outstanding (including common stock issuable) and unvested stock-based compensation awards		168,010			129,274
Less: Unvested stock-based compensation awards		(278	)		(329	)
Weighted-average shares outstanding		167,732			128,945

Basic earnings per common share	$	4.03		$	2.63

The computations of diluted earnings per common share follow:


	Three Months Ended March 31
	2023			2022
	(In thousands, except per share)

Net income available to common equity	$	676,683		$	340,409
Less: Income attributable to unvested stock-based compensation awards		(1,172	)		(819	)
Net income available to common shareholders	$	675,511		$	339,590
Adjusted weighted-average shares outstanding:
Common and unvested stock-based compensation awards		168,010			129,274
Less: Unvested stock-based compensation awards		(278	)		(329	)
Plus: Incremental shares from assumed conversion of stock-based compensation awards and warrants to purchase common stock		678			471
Adjusted weighted-average shares outstanding		168,410			129,416

Diluted earnings per common share	$	4.01		$	2.62

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.

8. Earnings per common share, continued

Stock-based compensation awards to purchase common stock of M&T representing 1,367,054 common shares and 114,226 common shares during the three months ended March 31, 2023 and 2022, respectively, were not included in the computations of diluted earnings per common share because the effect on those periods would have been antidilutive.