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Earnings Per Share ("EPS")
 6 Months Ended
Jun. 30, 2024
Earnings Per Share [Abstract]  
Earnings Per Share ("EPS")

NOTE 23 – Earnings Per Share (“EPS”)

Basic EPS is computed by dividing earnings available to common shareholders by the weighted-average number of common shares outstanding. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the entity. Diluted earnings per share include dilutive stock options and stock units under the treasury stock method.

The following table sets forth the computation of basic and diluted earnings per share for the three and six months ended June 30, 2024 and 2023 (in thousands, except per share data):

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Net income

 

$

165,294

 

 

$

134,352

 

 

$

328,869

 

 

$

291,891

 

Preferred dividends

 

 

9,321

 

 

 

9,320

 

 

 

18,641

 

 

 

18,640

 

Net income available to common shareholders

 

$

155,973

 

 

$

125,032

 

 

$

310,228

 

 

$

273,251

 

Shares for basic and diluted calculation:

 

 

 

 

 

 

 

 

 

 

 

 

Average shares used in basic computation

 

 

104,150

 

 

 

107,944

 

 

 

104,217

 

 

 

108,360

 

Dilutive effect of stock options and units (1)

 

 

6,135

 

 

 

5,920

 

 

 

5,939

 

 

 

6,298

 

Average shares used in diluted computation

 

 

110,285

 

 

 

113,864

 

 

 

110,156

 

 

 

114,658

 

Earnings per common share:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

1.50

 

 

$

1.16

 

 

$

2.98

 

 

$

2.52

 

Diluted

 

$

1.41

 

 

$

1.10

 

 

$

2.82

 

 

$

2.38

 

(1)
Diluted earnings per share is computed on the basis of the weighted-average number of shares of common stock plus the effect of dilutive potential common shares outstanding during the period using the treasury stock method. Diluted earnings per share include units.

For the three and six months ended June 30, 2024 and 2023, the anti-dilutive effect from restricted stock units was immaterial.

Cash Dividends

During the three and six months ended June 30, 2024, we declared and paid cash dividends of $0.42 and $0.84 per common share. During the three and six months ended June 30, 2023, we declared and paid cash dividends of $0.36 and $0.72 per common share.