Earnings Per Common Share

9 Months Ended

Sep. 30, 2017

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



	Three months ended September 30,				Nine months ended September 30,
(In thousands, except per share data)	2017		2016		2017		2016
Earnings for basic and diluted earnings per common share:
Net income	$	64,496	$	51,817	$	185,546	$	149,467
Less: Preferred stock dividends	2,024		2,024		6,072		6,072
Net income available to common shareholders	62,472		49,793		179,474		143,395
Less: Earnings applicable to participating securities	46		159		212		468
Earnings applicable to common shareholders	$	62,426	$	49,634	$	179,262	$	142,927

Shares:
Weighted-average common shares outstanding - basic	92,125		91,365		92,003		91,298
Effect of dilutive securities:
Stock options and restricted stock	372		465		403		452
Warrants	6		27		6		26
Weighted-average common shares outstanding - diluted	92,503		91,857		92,412		91,776

Earnings per common share:
Basic	$	0.68	$	0.54	$	1.95	$	1.57
Diluted	0.67		0.54		1.94		1.56

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



	Three months ended September 30,		Nine months ended September 30,
(In thousands)	2017	2016	2017	2016
Stock options (shares with exercise price greater than market price)	—	172	—	172
Restricted stock (due to performance conditions on non-participating shares)	80	—	61	161