Earnings Per Common Share

9 Months Ended

Sep. 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 September 30,				Nine Months Ended September 30,
(In thousands, except per share data)	2019		2018		2019		2018
Earnings for basic and diluted earnings per common share:
Net income	$	93,865	$	99,673	$	292,250	$	261,580
Less: Preferred stock dividends	1,968		1,968		5,906		5,884
Net income available to common shareholders	91,897		97,705		286,344		255,696
Less: Earnings applicable to participating restricted stock	455		245		1,425		656
Earnings applicable to common shareholders	$	91,442	$	97,460	$	284,919	$	255,040
Shares:
Weighted-average common shares outstanding - basic	91,559		91,959		91,554		91,912
Effect of dilutive securities	315		249		329		309
Weighted-average common shares outstanding - diluted	91,874		92,208		91,883		92,221
Earnings per common share:
Basic	$	1.00	$	1.06	$	3.11	$	2.77
Diluted	1.00		1.06		3.10		2.77

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 44 thousand and 97 thousand for the three months ended September 30, 2019 and 2018, respectively, and 69 thousand and 54 thousand for the nine months ended September 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.