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Stockholders' Equity and EPS (Tables)

12 Months Ended

Dec. 31, 2020

Equity and Earnings Per Share [Abstract]

Reclassification out of Accumulated Other Comprehensive Income

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 Location	2020		2019		2018
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 expense	16,953		(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 expense	13,692		(1,489)		—
Total reclassification adjustment for (gains) losses included in net income, net of tax		$	(80,448)	$	6,687	$	535

Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income

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)	2020		2019		2018
Balance, beginning of period, net of tax	$	(2,130)	$	—	$	—
Net increase (decrease) in fair value, net of tax	167,639		(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)	$	—

Reconciliation of Basic EPS to Diluted EPS

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)	2020		2019		2018
Numerator:
Net income available to common stockholders	$	1,191,217	$	1,136,856	$	973,840
Denominator:
Weighted average common shares outstanding—basic	51,685		51,915		53,078
Weighted average effect of dilutive securities:
Stock options and ESPP	151		227		377
Restricted stock units	248		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
Diluted	22.87		21.73		18.11

Weighted Average Common Shares Excluded from Diluted EPS Calculation

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)	2020	2019	2018
Stock options	279	167	59
Restricted stock units	10	250	85
Total	289	417	144

Schedule of Preferred Stock

The following table summarizes our preferred stock at December 31, 2020:


Series	Description	Amount outstanding (in millions)		Carrying value (in millions)		Shares issued and outstanding	Par Value		Ownership interest per depositary share	Liquidation preference per depositary share		2020 dividends paid per depositary share
Series A	5.250% Fixed-Rate Non-Cumulative Perpetual Preferred Stock	$	350	$	340.1	350,000	$	0.001	1/40th	$	25	$	1.23

- Definition

Tabular disclosure of an entity's stock, including par or stated value per share, number and dollar amount of share subscriptions, shares authorized, shares issued, shares outstanding, number and dollar amount of shares held in an employee trust, dividend per share, total dividends, share conversion features, par value plus additional paid in capital, the value of treasury stock and other information necessary to a fair presentation, and EPS information. Stock by class includes common, convertible, and preferred stocks which are not redeemable or redeemable solely at the option of the issuer. Includes preferred stock with redemption features that are solely within the control of the issuer and mandatorily redeemable stock if redemption is required to occur only upon liquidation or termination of the reporting entity. If more than one issue is outstanding, state the title of each issue and the corresponding dollar amount; dollar amount of any shares subscribed but unissued and the deduction of subscriptions receivable there from; number of shares authorized, issued, and outstanding.

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+ Details