Earnings Per Common Share

3 Months Ended

Mar. 31, 2020

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). Presented below are the calculations for basic and diluted earnings per common share:


	Three Months Ended March 31,
(In Thousands, except per share data)	2020		2019
Net income	$	45,838	$	86,686
Preferred stock dividends	(3,801)		(3,801)
Net income available to common equity	42,037		82,885
Common shareholder dividends	(28,264)		(28,080)
Unvested share-based payment awards	(128)		(103)
Undistributed earnings	$	13,645	$	54,702
Undistributed earnings allocated to common shareholders	$	13,555	$	54,410
Undistributed earnings allocated to unvested share-based payment awards	90		292
Undistributed earnings	$	13,645	$	54,702
Basic
Distributed earnings to common shareholders	$	28,264	$	28,080
Undistributed earnings allocated to common shareholders	13,555		54,410
Total common shareholders earnings, basic	$	41,819	$	82,490
Diluted
Distributed earnings to common shareholders	$	28,264	$	28,080
Undistributed earnings allocated to common shareholders	13,555		54,410
Total common shareholders earnings, diluted	$	41,819	$	82,490
Weighted average common shares outstanding	154,701		163,928
Effect of dilutive common stock awards	918		1,505

Diluted weighted average common shares outstanding	155,619		165,433
Basic earnings per common share	$	0.27	$	0.50
Diluted earnings per common share	$	0.27	$	0.50

Non-dilutive common stock options of approximately 4 million and 3 million for the three months ended March 31, 2020 and 2019, respectively, were excluded from the earnings per common share calculation.