Earnings Per Common Share

12 Months Ended

Dec. 31, 2017

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



	Years ended December 31,
(In thousands, except per share data)	2017		2016		2015
Earnings for basic and diluted earnings per common share:
Net income	$	255,439	$	207,127	$	204,729
Less: Preferred stock dividends	8,184		8,096		8,711
Net income available to common shareholders	247,255		199,031		196,018
Less: Earnings applicable to participating securities	424		608		657
Earnings applicable to common shareholders	$	246,831	$	198,423	$	195,361
Shares:
Weighted-average common shares outstanding - basic	91,965		91,367		90,968
Effect of dilutive securities:
Stock options and restricted stock	385		461		524
Warrants	6		28		41
Weighted-average common shares outstanding - diluted	92,356		91,856		91,533
Earnings per common share:
Basic	$	2.68	$	2.17	$	2.15
Diluted	2.67		2.16		2.13

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)	2017	2016	2015
Stock options (shares with exercise price greater than market price)	—	41	213
Restricted stock (due to performance conditions on non-participating shares)	58	125	92

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.