Earnings Per Common Share

6 Months Ended

Jun. 30, 2024

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)	2024		2023		2024		2023
Net income	$	115,573	$	87,154	$	196,742	$	190,514
Preferred stock dividends	(2,875)		(2,875)		(5,750)		(5,750)
Net income available to common equity	112,698		84,279		190,992		184,764
Common shareholder dividends	(33,310)		(31,802)		(66,718)		(63,611)
Unvested share-based payment awards	(197)		(194)		(317)		(398)
Undistributed earnings	$	79,191	$	52,283	$	123,958	$	120,755
Undistributed earnings allocated to common shareholders	$	78,723	$	51,965	$	123,256	$	120,047
Undistributed earnings allocated to unvested share-based payment awards	468		318		702		708
Undistributed earnings	$	79,191	$	52,283	$	123,958	$	120,755
Basic
Distributed earnings to common shareholders	$	33,310	$	31,802	$	66,718	$	63,611
Undistributed earnings allocated to common shareholders	78,723		51,965		123,256		120,047
Total common shareholders earnings, basic	$	112,034	$	83,768	$	189,974	$	183,658
Diluted
Distributed earnings to common shareholders	$	33,310	$	31,802	$	66,718	$	63,611
Undistributed earnings allocated to common shareholders	78,723		51,965		123,256		120,047
Total common shareholders earnings, diluted	$	112,034	$	83,768	$	189,974	$	183,658
Weighted average common shares outstanding	149,872		149,986		149,864		149,875
Effect of dilutive common stock awards	1,416		884		1,446		1,027

Diluted weighted average common shares outstanding	151,288		150,870		151,310		150,903
Basic earnings per common share	$	0.75	$	0.56	$	1.27	$	1.23
Diluted earnings per common share	$	0.74	$	0.56	$	1.26	$	1.22

Excluded from the earnings per common share calculations were 2 million and 5 million anti-dilutive common stock options for the three months ended June 30, 2024 and 2023, respectively, and 2 million and 3 million anti-dilutive common stock options were excluded from the earnings per common share calculations for the six months ended June 30, 2024 and 2023, respectively.