Earnings Per Common Share

3 Months Ended

Mar. 31, 2026

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)		2026		2025
Net income		$	119,635	$	101,687
Preferred stock dividends		(2,875)		(2,875)
Net income available to common equity		116,760		98,812
Common shareholder dividends		(39,943)		(38,333)
Unvested share-based payment awards		(115)		(206)
Undistributed earnings		$	76,702	$	60,274
Undistributed earnings allocated to common shareholders		$	76,426	$	59,997
Undistributed earnings allocated to unvested share-based payment awards		276		277
Undistributed earnings		$	76,702	$	60,274
Basic
Distributed earnings to common shareholders		$	39,943	$	38,333
Undistributed earnings allocated to common shareholders		76,426		59,997
Total common shareholders earnings, basic		$	116,369	$	98,329
Diluted
Distributed earnings to common shareholders		$	39,943	$	38,333
Undistributed earnings allocated to common shareholders		76,426		59,997
Total common shareholders earnings, diluted		$	116,369	$	98,329
Weighted average common shares outstanding		165,097		165,228
Effect of dilutive common stock awards		1,464		1,377

Diluted weighted average common shares outstanding		166,561		166,604
Basic earnings per common share		$	0.70	$	0.60
Diluted earnings per common share		$	0.70	$	0.59

Excluded from the earnings per common share calculations were 0.2 million and 1.0 million anti-dilutive common stock options for the three months ended March 31, 2026 and 2025.