Earnings Per Common Share

12 Months Ended

Dec. 31, 2019

See Note 1 for the Corporation’s accounting policy on earnings per common share. Presented below are the calculations for basic and diluted earnings per common share:


	For the Years Ended December 31,
($ in Thousands, except per share data)	2019		2018		2017
Net income	$	326,790	$	333,562	$	229,264
Preferred stock dividends	(15,202)		(10,784)		(9,347)
Net income available to common equity	311,587		322,779		219,917
Common shareholder dividends	(111,091)		(104,981)		(75,967)
Unvested share-based payment awards	(713)		(537)		(450)
Undistributed earnings	199,784		217,260		143,500
Undistributed earnings allocated to common shareholders	198,424		216,199		142,593
Undistributed earnings allocated to unvested share-based payment awards	1,360		1,060		907
Undistributed earnings	$	199,784	$	217,260	$	143,500
Basic
Distributed earnings to common shareholders	$	111,091	$	104,981	$	75,967
Undistributed earnings allocated to common shareholders	198,424		216,199		142,593
Total common shareholders earnings, basic	$	309,514	$	321,181	$	218,560
Diluted
Distributed earnings to common shareholders	$	111,091	$	104,981	$	75,967
Undistributed earnings allocated to common shareholders	198,424		216,199		142,593
Total common shareholders earnings, diluted	$	309,514	$	321,181	$	218,560
Weighted average common shares outstanding	$	160,534	$	167,345	$	150,877
Effect of dilutive common stock awards	1,398		1,985		2,038
Effect of dilutive common stock warrants	—		402		732
Diluted weighted average common shares outstanding	$	161,932	$	169,732	$	153,647
Basic earnings per common share	$	1.93	$	1.92	$	1.45
Diluted earnings per common share	$	1.91	$	1.89	$	1.42

Anti-dilutive common stock options of approximately 3 million at the year ended December 31, 2019, 2 million at the year ended December 31, 2018, and 1 million for the year ended December 31, 2017, were excluded from the earnings per common share calculation.