Earnings Per Common Share

3 Months Ended

Mar. 31, 2019

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 March 31,
	2019			2018
	(In Thousands, except per share data)
Net income	$	86,686		$	69,456
Preferred stock dividends	(3,801		)	(2,339		)
Net income available to common equity	$	82,885		$	67,117
Common shareholder dividends	(28,080		)	(25,572		)
Unvested share-based payment awards	(103		)	(138		)
Undistributed earnings	$	54,702		$	41,407
Undistributed earnings allocated to common shareholders	54,410			41,225
Undistributed earnings allocated to unvested share-based payment awards	292			182
Undistributed earnings	$	54,702		$	41,407
Basic
Distributed earnings to common shareholders	$	28,080		$	25,572
Undistributed earnings allocated to common shareholders	54,410			41,225
Total common shareholders earnings, basic	$	82,490		$	66,797
Diluted
Distributed earnings to common shareholders	$	28,080		$	25,572
Undistributed earnings allocated to common shareholders	54,410			41,225
Total common shareholders earnings, diluted	$	82,490		$	66,797
Weighted average common shares outstanding	163,928			163,520
Effect of dilutive common stock awards	1,505			2,038
Effect of dilutive common stock warrants	—			874
Diluted weighted average common shares outstanding	165,433			166,432
Basic earnings per common share	$	0.50		$	0.41
Diluted earnings per common share	$	0.50		$	0.40

Anti-dilutive common stock options of approximately 3 million and 1 million for the three months ended March 31, 2019 and 2018, respectively, were excluded from the earnings per common share calculation.