Earnings Per Common Share

6 Months Ended

Jun. 30, 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 Jun 30,				Six Months Ended Jun 30,
(in thousands, except per share data)	2026		2025		2026		2025
Net income	$	123,564	$	111,230	$	243,200	$	212,916
Preferred stock dividends	(2,875)		(2,875)		(5,750)		(5,750)
Net income available to common equity	120,689		108,355		237,450		207,166
Common shareholder dividends	(45,634)		(38,304)		(85,577)		(76,636)
Unvested share-based payment awards	(107)		(194)		(223)		(399)
Undistributed earnings	$	74,948	$	69,857	$	151,650	$	130,131
Undistributed earnings allocated to common shareholders	$	74,769	$	69,501	$	151,203	$	129,500
Undistributed earnings allocated to unvested share-based payment awards	179		356		447		630
Undistributed earnings	$	74,948	$	69,857	$	151,650	$	130,131
Basic
Distributed earnings to common shareholders	$	45,634	$	38,304	$	85,577	$	76,636
Undistributed earnings allocated to common shareholders	74,769		69,501		151,203		129,500
Total common shareholders earnings, basic	$	120,403	$	107,805	$	236,780	$	206,137
Diluted
Distributed earnings to common shareholders	$	45,634	$	38,304	$	85,577	$	76,636
Undistributed earnings allocated to common shareholders	74,769		69,501		151,203		129,500
Total common shareholders earnings, diluted	$	120,403	$	107,805	$	236,780	$	206,137
Weighted average common shares outstanding	188,084		164,936		176,654		165,081
Effect of dilutive common stock awards	1,815		1,407		1,748		1,425

Diluted weighted average common shares outstanding	189,899		166,343		178,402		166,506
Basic earnings per common share	$	0.64	$	0.65	$	1.34	$	1.25
Diluted earnings per common share	$	0.63	$	0.65	$	1.33	$	1.24

Excluded from the earnings per common share calculations were nominal amounts and 1.4 million anti-dilutive common stock options for the three months ended June 30, 2026 and 2025, respectively, and nominal amounts and 1.2 million anti-dilutive common stock options for the six months ended June 30, 2026 and 2025, respectively.