Earnings Per Common Share

3 Months Ended

Mar. 31, 2025

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 Mar 31,
($ in thousands, except per share data)	2025		2024
Net income	$	101,687	$	81,169
Preferred stock dividends	(2,875)		(2,875)
Net income available to common equity	98,812		78,294
Common shareholder dividends	(38,333)		(33,407)
Unvested share-based payment awards	(206)		(120)
Undistributed earnings	$	60,274	$	44,767
Undistributed earnings allocated to common shareholders	$	59,997	$	44,524
Undistributed earnings allocated to unvested share-based payment awards	277		242
Undistributed earnings	$	60,274	$	44,767
Basic
Distributed earnings to common shareholders	$	38,333	$	33,407
Undistributed earnings allocated to common shareholders	59,997		44,524
Total common shareholders earnings, basic	$	98,329	$	77,932
Diluted
Distributed earnings to common shareholders	$	38,333	$	33,407
Undistributed earnings allocated to common shareholders	59,997		44,524
Total common shareholders earnings, diluted	$	98,329	$	77,932
Weighted average common shares outstanding	165,228		149,855
Effect of dilutive common stock awards	1,377		1,436

Diluted weighted average common shares outstanding	166,604		151,292
Basic earnings per common share	$	0.60	$	0.52
Diluted earnings per common share	$	0.59	$	0.52

Excluded from the earnings per common share calculations were 1 million and 2 million anti-dilutive common stock options for the three months ended March 31, 2025 and 2024, respectively