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Earnings Per Share ("EPS")
 9 Months Ended
Sep. 30, 2021
Earnings Per Share [Abstract]  
Earnings Per Share

NOTE 22 – 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 nine months ended September 30, 2021 and 2020 (in thousands, except per share data):

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Net income

 

$

192,376

 

 

$

120,527

 

 

$

563,468

 

 

$

315,003

 

Preferred dividends

 

 

9,689

 

 

 

9,897

 

 

 

26,267

 

 

 

19,584

 

Net income available to common shareholders

 

$

182,687

 

 

$

110,630

 

 

$

537,201

 

 

$

295,419

 

Shares for basic and diluted calculation:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average shares used in basic computation

 

 

107,379

 

 

 

105,941

 

 

 

107,655

 

 

 

106,221

 

Dilutive effect of stock options and units (1)

 

 

11,096

 

 

 

7,835

 

 

 

10,700

 

 

 

7,347

 

Average shares used in diluted computation

 

 

118,475

 

 

 

113,775

 

 

 

118,355

 

 

 

113,568

 

Earnings per common share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

1.70

 

 

$

1.04

 

 

$

4.99

 

 

$

2.78

 

Diluted

 

$

1.54

 

 

$

0.97

 

 

$

4.54

 

 

$

2.60

 

 

(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.

For the three and nine months ended September 30, 2021 and 2020, the anti-dilutive effect from restricted stock units was immaterial.

 

Cash Dividends

During the three and nine months ended September 30, 2021, we declared and paid cash dividends of $0.15 and $0.45 per common share. During the three and nine months ended September 30, 2020, we declared and paid cash dividends of $0.11 and $0.33 per common share.