Earnings per common share

12 Months Ended

Dec. 31, 2014

Earnings Per Share [Abstract]

Earnings per common share

14.    Earnings per common share

The computations of basic earnings per common share follow:

	Year Ended December 31
	2014			2013			2012
	(In thousands, except per share)
Income available to common shareholders:
Net income	$	1,066,246		$	1,138,480		$	1,029,498
Less: Preferred stock dividends(a)		(75,878	)		(54,120	)		(53,450	)
Amortization of preferred stock discount(a)		—			(7,942	)		(8,026	)
Net income available to common equity		990,368			1,076,418			968,022
Less: Income attributable to unvested stock-based compensation awards		(11,837	)		(13,989	)		(14,632	)
Net income available to common shareholders	$	978,531		$	1,062,429		$	953,390
Weighted-average shares outstanding:
Common shares outstanding (including common stock issuable) and unvested stock-based compensation awards		132,532			130,354			127,793
Less: Unvested stock-based compensation awards		(1,582	)		(1,700	)		(1,929	)
Weighted-average shares outstanding		130,950			128,654			125,864
Basic earnings per common share	$	7.47		$	8.26		$	7.57

(a) Including impact of not as yet declared cumulative dividends.

The computations of diluted earnings per common share follow:

	Year Ended December 31
	2014			2013			2012
	(In thousands, except per share)
Net income available to common equity	$	990,368		$	1,076,418		$	968,022
Less: Income attributable to unvested stock-based compensation awards		(11,787	)		(13,922	)		(14,593	)
Net income available to common shareholders	$	978,581		$	1,062,496		$	953,429
Adjusted weighted-average shares outstanding:
Common and unvested stock-based compensation awards		132,532			130,354			127,793
Less: Unvested stock-based compensation awards		(1,582	)		(1,700	)		(1,929	)
Plus: Incremental shares from assumed conversion of stock-based compensation awards and warrants to purchase common stock		894			949			541
Adjusted weighted-average shares outstanding		131,844			129,603			126,405
Diluted earnings per common share	$	7.42		$	8.20		$	7.54

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 approximately 2,017,000, 3,847,000 and 8,905,000 common shares during 2014, 2013 and 2012, respectively, were not included in the computations of diluted earnings per common share because the effect on those years would have been antidilutive.