Earnings Per Common Share

6 Months Ended

Jun. 30, 2023

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 Jun 30,				Six Months Ended Jun 30,
($ in thousands, except per share data)	2023		2022			2023		2022
Net income	$	87,154	$	86,824		$	190,514	$	161,086
Preferred stock dividends	(2,875)		(2,875)			(5,750)		(5,750)
Net income available to common equity	$	84,279	$	83,949		$	184,764	$	155,336
Common shareholder dividends	(31,802)		(30,126)			(63,611)		(60,499)
Unvested share-based payment awards	(194)		(205)			(398)		(415)
Undistributed earnings	$	52,283	$	53,618		$	120,755	$	94,422
Undistributed earnings allocated to common shareholders	$	51,965	$	53,257		$	120,047	$	93,807
Undistributed earnings allocated to unvested share-based payment awards	318		361			708		615
Undistributed earnings	$	52,283	$	53,618		$	120,755	$	94,422
Basic
Distributed earnings to common shareholders	$	31,802	$	30,126		$	63,611	$	60,499
Undistributed earnings allocated to common shareholders	51,965		53,257			120,047		93,807
Total common shareholders earnings, basic	$	83,768	$	83,383		$	183,658	$	154,306
Diluted
Distributed earnings to common shareholders	$	31,802	$	30,126		$	63,611	$	60,499
Undistributed earnings allocated to common shareholders	51,965		53,257			120,047		93,807
Total common shareholders earnings, diluted	$	83,768	$	83,383		$	183,658	$	154,306
Weighted average common shares outstanding	149,986		149,083			149,875		148,933
Effect of dilutive common stock awards	884		1,121			1,027		1,332

Diluted weighted average common shares outstanding	150,870		150,203			150,903		150,265
Basic earnings per common share	$	0.56	$	0.56		$	1.23	$	1.04
Diluted earnings per common share	$	0.56	$	0.56		$	1.22	$	1.03

Approximately 5 million and 3 million anti-dilutive common stock shares were excluded from the earnings per common share calculation for the three months ended June 30, 2023 and 2022, respectively, and approximately 3 million anti-dilutive common

stock shares were excluded from the earnings per common share calculation for both the six months ended June 30, 2023 and 2022.