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Earnings Per Common Share
 3 Months Ended
Mar. 31, 2017
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 March 31,
 
2017
 
2016
 
(In thousands, except per share data)
Net income
$
56,270

 
$
42,534

Preferred stock dividends
(2,330
)
 
(2,198
)
Net income available to common equity
$
53,940

 
$
40,336

Common shareholder dividends
(18,251
)
 
(16,203
)
Unvested share-based payment awards
(117
)
 
(206
)
Undistributed earnings
$
35,572

 
$
23,927

Undistributed earnings allocated to common shareholders
35,294

 
23,686

Undistributed earnings allocated to unvested share-based payment awards
278

 
241

Undistributed earnings
$
35,572

 
$
23,927

Basic
 
 
 
Distributed earnings to common shareholders
$
18,251

 
$
16,203

Undistributed earnings allocated to common shareholders
35,294

 
23,686

Total common shareholders earnings, basic
$
53,545

 
$
39,889

Diluted
 
 
 
Distributed earnings to common shareholders
$
18,251

 
$
16,203

Undistributed earnings allocated to common shareholders
35,294

 
23,686

Total common shareholders earnings, diluted
$
53,545

 
$
39,889

Weighted average common shares outstanding
150,815

 
148,601

Effect of dilutive common stock awards
3,054

 
853

Diluted weighted average common shares outstanding
153,869

 
149,454

Basic earnings per common share
$
0.36

 
$
0.27

Diluted earnings per common share
$
0.35

 
$
0.27


Anti-dilutive common stock options of approximately 500,000 and 3 million for the three months ended March 31, 2017 and 2016, respectively, were excluded from the earnings per common share calculation. Warrants to purchase approximately 4 million shares were outstanding for the three months ended March 31, 2016, but excluded from the calculation of diluted earnings per common shares as the effect would have been anti-dilutive.