Earnings Per Common Share

6 Months Ended

Jun. 30, 2021

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)	2021		2020			2021		2020
Net income	$	91,007	$	148,718		$	185,307	$	194,555
Preferred stock dividends	(4,875)		(4,144)			(10,082)		(7,945)
Net income available to common equity	$	86,131	$	144,573		$	175,226	$	186,611
Common shareholder dividends	(27,620)		(27,667)			(55,280)		(55,931)
Unvested share-based payment awards	(203)		(222)			(412)		(351)
Undistributed earnings	$	58,309	$	116,684		$	119,533	$	130,329
Undistributed earnings allocated to common shareholders	$	57,887	$	115,750		$	118,722	$	129,377
Undistributed earnings allocated to unvested share-based payment awards	422		934			810		953
Undistributed earnings	$	58,309	$	116,684		$	119,533	$	130,329
Basic
Distributed earnings to common shareholders	$	27,620	$	27,667		$	55,280	$	55,931
Undistributed earnings allocated to common shareholders	57,887		115,750			118,722		129,377
Total common shareholders earnings, basic	$	85,506	$	143,417		$	174,002	$	185,307
Diluted
Distributed earnings to common shareholders	$	27,620	$	27,667		$	55,280	$	55,931
Undistributed earnings allocated to common shareholders	57,887		115,750			118,722		129,377
Total common shareholders earnings, diluted	$	85,506	$	143,417		$	174,002	$	185,307
Weighted average common shares outstanding	152,042		152,393			152,198		153,547
Effect of dilutive common stock awards	1,339		757			1,275		813

Diluted weighted average common shares outstanding	153,381		153,150			153,473		154,360
Basic earnings per common share	$	0.56	$	0.94		$	1.14	$	1.21
Diluted earnings per common share	$	0.56	$	0.94		$	1.13	$	1.20

Non-dilutive common stock options of approximately 3 million and 8 million for the three months ended June 30, 2021 and 2020, respectively, and 3 million and 7 million for the six months ended June 30, 2021 and 2020, respectively, were excluded from the earnings per common share calculation.