Earnings Per Share

9 Months Ended

Sep. 30, 2019

The following table provides reconciliations of net income to net income available to common shareholders and the difference between average basic common shares outstanding and average diluted common shares outstanding:



	Three Months Ended September 30				Nine Months Ended September 30
(Dollars and shares in thousands, except per share data)	2019		2018		2019		2018
Net income/(loss)	$	113,943	$	274,716	$	331,090	$	455,702
Net income attributable to noncontrolling interest	2,883		2,883		8,555		8,555
Net income/(loss) attributable to controlling interest	111,060		271,833		322,535		447,147
Preferred stock dividends	1,550		1,550		4,650		4,650
Net income/(loss) available to common shareholders	$	109,510	$	270,283	$	317,885	$	442,497

Weighted average common shares outstanding—basic	311,888		324,406		314,442		325,341
Effect of dilutive securities	1,917		2,846		1,959		3,304
Weighted average common shares outstanding—diluted	313,805		327,252		316,401		328,645

Net income/(loss) per share available to common shareholders	$	0.35	$	0.83	$	1.01	$	1.36
Diluted income/(loss) per share available to common shareholders	$	0.35	$	0.83	$	1.00	$	1.35

The following table presents outstanding options and other equity awards that were excluded from the calculation of diluted earnings per share because they were either anti-dilutive (the exercise price was higher than the weighted-average market price for the period) or the performance conditions have not been met:



	Three Months Ended September 30				Nine Months Ended September 30
(Shares in thousands)	2019		2018		2019		2018
Stock options excluded from the calculation of diluted EPS	1,883		2,251		2,413		2,316
Weighted average exercise price of stock options excluded from the calculation of diluted EPS	$	21.21	$	23.67	$	21.36	$	24.43
Other equity awards excluded from the calculation of diluted EPS	2,094		1,605		1,815		538