Earnings Per Common Share

12 Months Ended

Dec. 31, 2014

Earnings Per Share [Abstract]

Earnings Per Share

NOTE 19  EARNINGS PER COMMON SHARE:

Earnings per share are calculated utilizing the two-class method. Basic earnings per 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, unvested restricted stock awards, and outstanding stock warrants). Presented below are the calculations for basic and diluted earnings per common share.

	For the Years Ended December 31,
	2014		2013		2012
	(In thousands, except per share data)
Net income	$	190,509	$	188,692	$	178,973
Preferred stock dividends		(5,002)		(5,158)		(5,200)
Net income available to common equity	$	185,507	$	183,534	$	173,773
Common shareholder dividends		(58,123)		(54,505)		(39,462)
Unvested share-based payment awards		(587)		(486)		(172)
Undistributed earnings	$	126,797	$	128,543	$	134,139
Undistributed earnings allocated to common shareholders		125,646		127,592		133,549
Undistributed earnings allocated to unvested share-based payment awards		1,151		951		590
Undistributed earnings	$	126,797	$	128,543	$	134,139
Basic
Distributed earnings to common shareholders	$	58,123	$	54,505	$	39,462
Undistributed earnings allocated to common shareholders		125,646		127,592		133,549
Total common shareholders earnings, basic	$	183,769	$	182,097	$	173,011
Diluted
Distributed earnings to common shareholders	$	58,123	$	54,505	$	39,462
Undistributed earnings allocated to common shareholders		125,646		127,592		133,549
Total common shareholders earnings, diluted	$	183,769	$	182,097	$	173,011
Weighted average common shares outstanding		157,286		165,584		172,255
Effect of dilutive common stock awards		968		218		102
Diluted weighted average common shares outstanding		158,254		165,802		172,357
Basic earnings per common share	$	1.17	$	1.10	$	1.00
Diluted earnings per common share	$	1.16	$	1.10	$	1.00

Options to purchase approximately2 million,3 million,and 9 million shares were outstanding at December 31, 2014, 2013, and 2012, respectively, but excluded from the calculation of diluted earnings per common share as the effect would have been anti-dilutive