Earnings Per Common Share

9 Months Ended

Sep. 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 Sep 30,				Nine Months Ended Sep 30,
($ in thousands, except per share data)	2023		2022			2023		2022
Net income	$	83,248	$	96,275		$	273,762	$	257,360
Preferred stock dividends	(2,875)		(2,875)			(8,625)		(8,625)
Net income available to common equity	$	80,373	$	93,400		$	265,137	$	248,735
Common shareholder dividends	(31,806)		(30,149)			(95,417)		(90,647)
Unvested share-based payment awards	(190)		(194)			(588)		(609)
Undistributed earnings	$	48,377	$	63,057		$	169,132	$	157,479
Undistributed earnings allocated to common shareholders	$	48,090	$	62,648		$	168,136	$	156,454
Undistributed earnings allocated to unvested share-based payment awards	287		409			996		1,025
Undistributed earnings	$	48,377	$	63,057		$	169,132	$	157,479
Basic
Distributed earnings to common shareholders	$	31,806	$	30,149		$	95,417	$	90,647
Undistributed earnings allocated to common shareholders	48,090		62,648			168,136		156,454
Total common shareholders earnings, basic	$	79,896	$	92,796		$	263,553	$	247,102
Diluted
Distributed earnings to common shareholders	$	31,806	$	30,149		$	95,417	$	90,647
Undistributed earnings allocated to common shareholders	48,090		62,648			168,136		156,454
Total common shareholders earnings, diluted	$	79,896	$	92,796		$	263,553	$	247,102
Weighted average common shares outstanding	150,035		149,321			149,929		149,063
Effect of dilutive common stock awards	980		942			1,042		1,141

Diluted weighted average common shares outstanding	151,014		150,262			150,971		150,205
Basic earnings per common share	$	0.53	$	0.62		$	1.76	$	1.66
Diluted earnings per common share	$	0.53	$	0.62		$	1.75	$	1.65

Approximately 4 million and 3 million anti-dilutive common stock shares were excluded from the earnings per common share calculation for the three months ended September 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 nine months ended September 30, 2023 and 2022.