Earnings Per Common Share

6 Months Ended

Jun. 30, 2019

Earnings Per Share [Abstract]

Earnings Per Common Share

Earnings Per Common Share

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

	Three Months Ended June 30,				Six Months Ended June 30,
(In thousands, except per share data)	2019		2018		2019		2018
Earnings for basic and diluted earnings per common share:
Net income	$	98,649	$	81,682	$	198,385	$	161,907
Less: Preferred stock dividends	1,969		1,969		3,938		3,916
Net income available to common shareholders	96,680		79,713		194,447		157,991
Less: Earnings applicable to participating restricted stock	487		224		964		418
Earnings applicable to common shareholders	$	96,193	$	79,489	$	193,483	$	157,573
Shares:
Weighted-average common shares outstanding - basic	91,534		91,893		91,550		91,913
Effect of dilutive securities	321		280		348		323
Weighted-average common shares outstanding - diluted	91,855		92,173		91,898		92,236
Earnings per common share:
Basic	$	1.05	$	0.87	$	2.11	$	1.71
Diluted	1.05		0.86		2.11		1.71

Dilutive Securities

The Company maintains stock compensation plans under which restricted stock, restricted stock units, non-qualified stock options, incentive stock options, or stock appreciation rights may be granted to employees and directors. The effect of dilutive securities for the periods presented is primarily the result of outstanding stock options, as well as non-participating restricted stock.

Potential common shares from non-participating restricted stock, of 87 thousand and 53 thousand for the three months ended June 30, 2019 and 2018, respectively, and 59 thousand and 61 thousand for the six months ended June 30, 2019 and 2018, respectively, are excluded from the effect of dilutive securities because under application of the treasury stock method they would have been anti-dilutive.