Earnings Per Common Share

12 Months Ended

Dec. 31, 2016

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



	Years ended December 31,
(In thousands, except per share data)	2016		2015		2014
Earnings for basic and diluted earnings per common share:
Net income	$	207,127	$	204,729	$	199,726
Less: Preferred stock dividends	8,096		8,711		10,556
Net income available to common shareholders	199,031		196,018		189,170
Less: Earnings applicable to participating securities	608		657		674
Earnings applicable to common shareholders	$	198,423	$	195,361	$	188,496
Shares:
Weighted-average common shares outstanding - basic	91,367		90,968		89,899
Effect of dilutive securities:
Stock options and restricted stock	461		524		466
Warrants	28		41		255
Weighted-average common shares outstanding - diluted	91,856		91,533		90,620
Earnings per common share:
Basic	$	2.17	$	2.15	$	2.10
Diluted	2.16		2.13		2.08

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)	2016	2015	2014
Stock options (shares with exercise price greater than market price)	41	213	587
Restricted stock (due to performance conditions on non-participating shares)	125	92	171

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.