Earnings Per Common Share

6 Months Ended

Jun. 30, 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 June 30,						Six Months Ended June 30,
(In Thousands, except per share data)	2020		2019		2020		2019
Net income	$	148,718	$	84,661	$	194,555	$	171,347
Preferred stock dividends	(4,144)		(3,801)		(7,945)		(7,601)
Net income available to common equity	$	144,573	$	80,860	$	186,611	$	163,746
Common shareholder dividends	(27,667)		(27,571)		(55,931)		(55,650)
Unvested share-based payment awards	(222)		(205)		(351)		(308)
Undistributed earnings	$	116,684	$	53,085	$	130,329	$	107,787
Undistributed earnings allocated to common shareholders	$	115,750	$	52,690	$	129,377	$	107,098
Undistributed earnings allocated to unvested share-based payment awards	934		395		953		689
Undistributed earnings	$	116,684	$	53,085	$	130,329	$	107,787
Basic
Distributed earnings to common shareholders	$	27,667	$	27,571	$	55,931	$	55,650
Undistributed earnings allocated to common shareholders	115,750		52,690		129,377		107,098
Total common shareholders earnings, basic	$	143,417	$	80,261	$	185,307	$	162,748
Diluted
Distributed earnings to common shareholders	$	27,667	$	27,571	$	55,931	$	55,650
Undistributed earnings allocated to common shareholders	115,750		52,690		129,377		107,098
Total common shareholders earnings, diluted	$	143,417	$	80,261	$	185,307	$	162,748
Weighted average common shares outstanding	152,393		162,180		153,547		163,049
Effect of dilutive common stock awards	757		1,492		813		1,469

Diluted weighted average common shares outstanding	153,150		163,672		154,360		164,518
Basic earnings per common share	$	0.94	$	0.49	$	1.21	$	1.00
Diluted earnings per common share	$	0.94	$	0.49	$	1.20	$	0.99

Non-dilutive common stock options of approximately 8 million and 4 million for the three months ended June 30, 2020 and 2019, respectively, and 7 million and 3 million for the six months ended June 30, 2020 and 2019, respectively, were excluded from the earnings per common share calculation.