Earnings per common share

12 Months Ended

Dec. 31, 2016

14. Earnings per common share

The computations of basic earnings per common share follow:

	Year Ended December 31
	2016			2015			2014
	(In thousands, except per share)
Income available to common shareholders:
Net income	$	1,315,114		$	1,079,667		$	1,066,246
Less: Preferred stock dividends(a)		(81,270	)		(81,270	)		(75,878	)
Net income available to common equity		1,233,844			998,397			990,368
Less: Income attributable to unvested stock-based compensation awards		(10,385	)		(10,708	)		(11,837	)
Net income available to common shareholders	$	1,223,459		$	987,689		$	978,531
Weighted-average shares outstanding:
Common shares outstanding (including common stock issuable) and unvested stock-based compensation awards		158,121			138,285			132,532
Less: Unvested stock-based compensation awards		(1,341	)		(1,482	)		(1,582	)
Weighted-average shares outstanding		156,780			136,803			130,950

Basic earnings per common share	$	7.80		$	7.22		$	7.47

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

The computations of diluted earnings per common share follow:

	Year Ended December 31
	2016			2015			2014
	(In thousands, except per share)

Net income available to common equity	$	1,233,844		$	998,397		$	990,368
Less: Income attributable to unvested stock-based compensation awards		(10,363	)		(10,673	)		(11,787	)
Net income available to common shareholders	$	1,223,481		$	987,724		$	978,581
Adjusted weighted-average shares outstanding:
Common and unvested stock-based compensation awards		158,121			138,285			132,532
Less: Unvested stock-based compensation awards		(1,341	)		(1,482	)		(1,582	)
Plus: Incremental shares from assumed conversion of stock-based compensation awards and warrants to purchase common stock		524			730			894
Adjusted weighted-average shares outstanding		157,304			137,533			131,844

Diluted earnings per common share	$	7.78		$	7.18		$	7.42

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 approximately 2,171,000 in 2016, 2,268,000 in 2015 and 2,017,000 in 2014 were not included in the computations of diluted earnings per common share because the effect on those years would have been antidilutive.