Earnings per common share

3 Months Ended

Mar. 31, 2019

8. Earnings per common share

The computations of basic earnings per common share follow:

	Three Months Ended March 31
	2019			2018
	(In thousands, except per share)

Income available to common shareholders:
Net income	$	482,742			352,610
Less: Preferred stock dividends (a)		(18,130	)		(18,130	)
Net income available to common equity		464,612			334,480
Less: Income attributable to unvested stock-based compensation awards		(2,526	)		(1,732	)
Net income available to common shareholders	$	462,086			332,748
Weighted-average shares outstanding:
Common shares outstanding (including common stock issuable) and unvested stock-based compensation awards		138,637			149,470
Less: Unvested stock-based compensation awards		(748	)		(782	)
Weighted-average shares outstanding		137,889			148,688

Basic earnings per common share	$	3.35			2.24

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

8. Earnings per common share, continued

The computations of diluted earnings per common share follow:

	Three Months Ended March 31
	2019			2018
	(In thousands, except per share)

Net income available to common equity	$	464,612			334,480
Less: Income attributable to unvested stock-based compensation awards		(2,526	)		(1,731	)
Net income available to common shareholders	$	462,086			332,749
Adjusted weighted-average shares outstanding:
Common and unvested stock-based compensation awards		138,637			149,470
Less: Unvested stock-based compensation awards		(748	)		(782	)
Plus: Incremental shares from assumed conversion of stock-based compensation awards and warrants to purchase common stock		31			217
Adjusted weighted-average shares outstanding		137,920			148,905

Diluted earnings per common share	$	3.35			2.23

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 280,818 and 237,584 common shares during the three-month periods ended March 31, 2019 and 2018, respectively, were not included in the computations of diluted earnings per common share because the effect on those periods would have been antidilutive.