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Earnings Per Common Share
 9 Months Ended
Sep. 30, 2019
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 September 30,
For the Nine Months Ended September 30,
 (In Thousands, except per share data)
2019
 
2018
2019
 
2018
Net income
$
83,339

 
$
85,929

$
254,686

 
$
244,578

Preferred stock dividends
(3,801
)
 
(2,409
)
(11,402
)
 
(7,077
)
Net income available to common equity
$
79,539

 
$
83,521

$
243,285

 
$
237,501

Common shareholder dividends
(27,091
)
 
(25,486
)
(82,741
)
 
(77,035
)
Unvested share-based payment awards
(198
)
 
(128
)
(506
)
 
(396
)
Undistributed earnings
$
52,250

 
$
57,907

$
160,037

 
$
160,070

Undistributed earnings allocated to common shareholders
51,870

 
57,620

158,970

 
159,297

Undistributed earnings allocated to unvested share-based payment awards
380

 
288

1,067

 
772

Undistributed earnings
$
52,250

 
$
57,907

$
160,037

 
$
160,070

Basic
 
 
 

 

Distributed earnings to common shareholders
$
27,091

 
$
25,486

$
82,741

 
$
77,035

Undistributed earnings allocated to common shareholders
51,870

 
57,620

158,970

 
159,297

Total common shareholders earnings, basic
$
78,961

 
$
83,106

$
241,711

 
$
236,332

Diluted
 
 
 

 

Distributed earnings to common shareholders
$
27,091

 
$
25,486

$
82,741

 
$
77,035

Undistributed earnings allocated to common shareholders
51,870

 
57,620

158,970

 
159,297

Total common shareholders earnings, diluted
$
78,961

 
$
83,106

$
241,711

 
$
236,332

Weighted average common shares outstanding
159,126

 
170,516

161,727

 
168,249

Effect of dilutive common stock awards
1,256

 
2,188

1,334

 
2,101

Effect of dilutive common stock warrants
—

 
98

—

 
526

Diluted weighted average common shares outstanding
160,382

 
172,802

163,061

 
170,876

Basic earnings per common share
$
0.50

 
$
0.49

$
1.49

 
$
1.40

Diluted earnings per common share
$
0.49

 
$
0.48

$
1.48

 
$
1.38


Non-dilutive common stock options of approximately 3 million and 1 million for the three months ended September 30, 2019 and 2018, respectively, and 3 million and 1 million for the nine months ended September 30, 2019 and 2018, respectively, were excluded from the earnings per common share calculation.