Earnings Per Common Share

12 Months Ended

Dec. 31, 2015

Reconciliation of the calculation of basic and diluted earnings per common share follows:



	Years ended December 31,
(In thousands, except per share data)	2015		2014		2013
Earnings for basic and diluted earnings per common share:
Net income	$	206,340	$	199,726	$	179,456
Less: Preferred stock dividends	8,711		10,556		10,803
Net income available to common shareholders	197,629		189,170		168,653
Less: Earnings applicable to participating securities	660		674		617
Earnings applicable to common shareholders	$	196,969	$	188,496	$	168,036
Shares:
Weighted-average common shares outstanding - basic	90,968		89,899		88,713
Effect of dilutive securities:
Stock options and restricted stock	524		466		436
Warrants - US Treasury	41		255		190
Warrants - Warburg	—		—		922
Weighted-average common shares outstanding - diluted	91,533		90,620		90,261
Earnings per common share:
Basic	$	2.17	$	2.10	$	1.90
Diluted	2.15		2.08		1.86

Potential common shares excluded from the effect of dilutive securities because they would have been anti-dilutive, are as follows:



	Years ended December 31,
(In thousands)	2015	2014	2013
Stock options (shares with exercise price greater than market price)	213	587	850
Restricted stock (due to performance conditions on non-participating shares)	92	171	201

Basic weighted-average common shares outstanding includes the effect of conversion of the Series A Preferred Stock which occurred on June 1, 2015. Prior to that, the Series A Preferred Stock was considered to be anti-dilutive. Refer to Note 11: Shareholders' Equity and Note 18: Share-Based Plans for further information relating to potential common shares excluded from the effect of dilutive securities.