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Stockholders' Equity and EPS
 12 Months Ended
Dec. 31, 2020
Equity and Earnings Per Share [Abstract]  
Stockholders' Equity and EPS Stockholders' Equity and EPS
Accumulated Other Comprehensive Income
The following table summarizes the items reclassified out of accumulated other comprehensive income into the Consolidated Statements of Income for 2020, 2019 and 2018:
 Year ended December 31,
(Dollars in thousands)Income Statement Location202020192018
Reclassification adjustment for (gains) losses on available-for-sale securities included in net income
Gains on investment securities, net
$(61,165)$3,905 $740 
Related tax expense (benefit)Income tax expense16,953 (1,087)(205)
Reclassification adjustment for (gains) losses on cash flow hedges included in net income
Net interest income
(49,928)5,358 — 
Related tax expense (benefit)Income tax expense13,692 (1,489)— 
Total reclassification adjustment for (gains) losses included in net income, net of tax$(80,448)$6,687 $535 
The table below summarizes the activity relating to net gains and losses on our cash flow hedges included in accumulated other comprehensive income for 2020, 2019 and 2018. Refer to Note 15—“Derivative Financial Instruments” for additional information regarding the termination of our cash flow hedges during the quarter ended March 31, 2020. Over the next 12 months, we expect that approximately $63.3 million in accumulated other comprehensive income ("AOCI") at December 31, 2020, related to our cash flow hedges will be reclassified out of AOCI and recognized in net income.
 Year ended December 31,
(Dollars in thousands)202020192018
Balance, beginning of period, net of tax$(2,130)$— $— 
Net increase (decrease) in fair value, net of tax167,639 (5,999)— 
Net realized (gain) loss reclassified to net income, net of tax(36,236)3,869 — 
Balance, end of period, net of tax
$129,273 $(2,130)$— 
EPS
Basic EPS is the amount of earnings available to each share of common stock outstanding during the reporting period. Diluted EPS is the amount of earnings available to each share of common stock outstanding during the reporting period adjusted to include the effect of potentially dilutive common shares. Potentially dilutive common shares include incremental shares issuable for stock option and restricted stock unit awards outstanding under our 2006 Equity Incentive Plan and our ESPP. Potentially dilutive common shares are excluded from the computation of dilutive EPS in periods in which the effect would be antidilutive. The following is a reconciliation of basic EPS to diluted EPS for 2020, 2019 and 2018:
 Year ended December 31,
(Dollars and shares in thousands, except per share amounts)202020192018
Numerator:
Net income available to common stockholders$1,191,217 $1,136,856 $973,840 
Denominator:
Weighted average common shares outstanding—basic51,685 51,915 53,078 
Weighted average effect of dilutive securities:
Stock options and ESPP151 227 377 
Restricted stock units248 169 317 
Weighted average common shares outstanding—diluted
52,084 52,311 53,772 
Earnings per common share:
Basic$23.05 $21.90 $18.35 
Diluted22.87 21.73 18.11 
The following table summarizes the weighted average common shares excluded from the diluted EPS calculation due to the antidilutive effect for 2020, 2019 and 2018:
 Year ended December 31,
(Shares in thousands)202020192018
Stock options279 167 59 
Restricted stock units10 250 85 
Total289 417 144 
Stock Repurchase Program
On October 24, 2019, our Board of Directors authorized a stock repurchase program that enabled us to repurchase up to $350 million of our outstanding common stock. The program expired on October 29, 2020. Prior to the program's expiration and for the year ended December 31, 2020, we had repurchased 244,223 shares of our outstanding common stock for $60.0 million under the stock repurchase program.
Preferred Stock
On December 9, 2019, the Company issued depositary shares representing an ownership interest in 350,000 shares of Series A Preferred Stock with $0.001 par value and liquidation preference of $1,000 per share, or $25 per depositary share. All preferred shares were issued in the form of depositary shares, with each depositary share representing a 1/40th ownership interest in a share of the preferred stock. The Series A Preferred Stock has no stated maturity and is not subject to any sinking fund or other obligation of the Company. Dividends are approved by the Board of Directors and, if declared, are payable quarterly, in arrears, at a rate per annum equal to 5.25 percent. The Series A Preferred Stock is redeemable at the Company’s option, in whole or in part, on or after February 15, 2025. Prior to February 15, 2025, the Series A Preferred Stock is redeemable at the Company’s option, in whole and not in part, following any change in laws or regulations that would not allow the Company to treat the full liquidation value of the Series A Preferred Stock as Tier 1 capital for purposes of the capital adequacy guidelines of the Board of Governors of the Federal Reserve System ("the Federal Reserve"). The redemption amount is computed at the per share liquidation preference plus any declared but unpaid dividends. Redemptions are subject to certain regulatory provisions, including approval of the Federal Reserve.
As of December 31, 2020, there were 350,000 shares issued and outstanding of Series A Preferred Shares, which had a carrying value of $340.1 million and liquidation preference of $350.0 million.
The following table summarizes our preferred stock at December 31, 2020:
SeriesDescriptionAmount outstanding (in millions)Carrying value
(in millions)		Shares issued and outstandingPar ValueOwnership interest per depositary shareLiquidation preference per depositary share2020 dividends paid per depositary share
Series A5.250% Fixed-Rate Non-Cumulative Perpetual Preferred Stock$350 $340.1 350,000$0.001 1/40th$25 $1.23 
On February 2, 2021, the Company issued Series B Preferred Stock. Refer to Note 28—“Subsequent Events” for additional information.