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Earnings Per Common Share
 6 Months Ended
Jun. 30, 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 and unvested restricted stock awards) and 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,
 
2017
 
2016
 
2017
 
2016
 
(In thousands, except per share data)
Net income
$
57,983

 
$
49,091

 
$
114,253

 
$
91,625

Preferred stock dividends
(2,339
)
 
(2,169
)
 
(4,669
)
 
(4,367
)
Net income available to common equity
$
55,644

 
$
46,922

 
$
109,584

 
$
87,258

Common shareholder dividends
(18,326
)
 
(16,443
)
 
(36,577
)
 
(32,646
)
Unvested share-based payment awards
(110
)
 
(182
)
 
(227
)
 
(388
)
Undistributed earnings
$
37,208

 
$
30,297

 
$
72,780

 
$
54,224

Undistributed earnings allocated to common shareholders
36,980

 
29,963

 
72,273

 
53,649

Undistributed earnings allocated to unvested share-based payment awards
228

 
334

 
507

 
575

Undistributed earnings
$
37,208

 
$
30,297

 
$
72,780

 
$
54,224

Basic
 
 
 
 
 
 
 
Distributed earnings to common shareholders
$
18,326

 
$
16,443

 
$
36,577

 
$
32,646

Undistributed earnings allocated to common shareholders
36,980

 
29,963

 
72,273

 
53,649

Total common shareholders earnings, basic
$
55,306

 
$
46,406

 
$
108,850

 
$
86,295

Diluted
 
 
 
 
 
 
 
Distributed earnings to common shareholders
$
18,326

 
$
16,443

 
$
36,577

 
$
32,646

Undistributed earnings allocated to common shareholders
36,980

 
29,963

 
72,273

 
53,649

Total common shareholders earnings, diluted
$
55,306

 
$
46,406

 
$
108,850

 
$
86,295

Weighted average common shares outstanding
151,573

 
148,511

 
151,196

 
148,556

Effect of dilutive common stock awards
1,958

 
1,019

 
2,155

 
962

Effect of dilutive common stock warrants
771

 
—

 
796

 
—

Diluted weighted average common shares outstanding
154,302

 
149,530

 
154,147

 
149,518

Basic earnings per common share
$
0.36

 
$
0.31

 
$
0.72

 
$
0.58

Diluted earnings per common share
$
0.36

 
$
0.31

 
$
0.71

 
$
0.58


Anti-dilutive common stock options of approximately 1 million and 4 million for the three months ended June 30, 2017 and 2016, respectively, and 900,000 and 4 million for the six months ended June 30, 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 and six months ended June 30, 2016, but excluded from the calculation of diluted earnings per common shares as the effect would have been anti-dilutive.