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Earnings Per Common Share
 6 Months Ended
Jun. 30, 2016
Earnings Per Share [Abstract]  
Earnings Per Common Share
Earnings Per Common Share
Earnings per common share are calculated utilizing the two-class method. Basic earnings per common share are calculated by dividing the sum of distributed earnings to common shareholders and undistributed earnings allocated to common shareholders by the weighted average number of common shares outstanding. Diluted earnings per common share are calculated by dividing the sum of distributed earnings to common shareholders and undistributed earnings allocated to common shareholders by the weighted average number of common shares outstanding adjusted for the dilutive effect of common stock awards (outstanding stock options, unvested restricted stock awards, and outstanding common stock warrants). Presented below are the calculations for basic and diluted earnings per common share.
 
For the Three Months Ended June 30,
 
For the Six Months Ended June 30,
 
2016
 
2015
 
2016
 
2015
 
(In thousands, except per share data)
Net income
$
49,091

 
$
49,400

 
$
91,625

 
$
96,072

Preferred stock dividends
(2,169
)
 
(1,545
)
 
(4,367
)
 
(2,773
)
Net income available to common equity
$
46,922

 
$
47,855

 
$
87,258

 
$
93,299

Common shareholder dividends
$
(16,443
)
 
$
(15,056
)
 
$
(32,646
)
 
$
(30,222
)
Unvested share-based payment awards
(182
)
 
(172
)
 
(388
)
 
(286
)
Undistributed earnings
$
30,297

 
$
32,627

 
$
54,224

 
$
62,791

Undistributed earnings allocated to common shareholders
$
29,963

 
$
32,262

 
$
53,649

 
$
62,148

Undistributed earnings allocated to unvested share-based payment awards
334

 
365

 
575

 
643

Undistributed earnings
$
30,297

 
$
32,627

 
$
54,224

 
$
62,791

Basic
 
 
 
 
 
 
 
Distributed earnings to common shareholders
$
16,443

 
$
15,056

 
$
32,646

 
$
30,222

Undistributed earnings allocated to common shareholders
29,963

 
32,262

 
53,649

 
62,148

Total common shareholders earnings, basic
$
46,406

 
$
47,318

 
$
86,295

 
$
92,370

Diluted
 
 
 
 
 
 
 
Distributed earnings to common shareholders
$
16,443

 
$
15,056

 
$
32,646

 
$
30,222

Undistributed earnings allocated to common shareholders
29,963

 
32,262

 
53,649

 
62,148

Total common shareholders earnings, diluted
$
46,406

 
$
47,318

 
$
86,295

 
$
92,370

Weighted average common shares outstanding
148,511

 
149,903

 
148,556

 
149,986

Effect of dilutive common stock awards
1,019

 
1,205

 
962

 
1,143

Diluted weighted average common shares outstanding
149,530

 
151,108

 
149,518

 
151,129

Basic earnings per common share
$
0.31

 
$
0.32

 
$
0.58

 
$
0.62

Diluted earnings per common share
$
0.31

 
$
0.31

 
$
0.58

 
$
0.61


Options to purchase approximately 1 million and 2 million shares were outstanding for the three and six months ended June 30, 2016, respectively, and 1 million shares were outstanding for the three and six months ended June 30, 2015, respectively, but excluded from the calculation of diluted earnings per common share as the effect would have been anti-dilutive. Warrants to purchase approximately 4 million shares were outstanding for both the three and six months ended June 30, 2016 and 2015, respectively, but excluded from the calculation of diluted earnings per common shares as the effect would have been anti-dilutive.