Earnings Per Common Share

12 Months Ended

Dec. 31, 2019

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


	Years ended December 31,
(In thousands, except per share data)	2019		2018		2017
Earnings for basic and diluted earnings per common share:
Net income	$	382,723	$	360,418	$	255,439
Less: Preferred stock dividends	7,875		7,853		8,184
Net income available to common shareholders	374,848		352,565		247,255
Less: Earnings applicable to participating securities ⁽¹⁾	1,863		862		424
Earnings applicable to common shareholders	$	372,985	$	351,703	$	246,831

Shares:
Weighted-average common shares outstanding - basic	91,559		91,930		91,965
Effect of dilutive securities	323		297		391
Weighted-average common shares outstanding - diluted	91,882		92,227		92,356

Earnings per common share ⁽¹⁾:
Basic	$	4.07	$	3.83	$	2.68
Diluted	4.06		3.81		2.67

(1)Earnings per common share amounts under the two-class method, for nonvested time-based restricted shares with nonforfeitable dividends and dividend rights, are determined the same as the presentation above.

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 $73 thousand, $47 thousand, and $58 thousand for the years ended December 31, 2019, 2018, and 2017, respectively, are excluded from the effect of dilutive securities because they would have been anti-dilutive under the treasury stock method.

Refer to Note 12: Shareholders' Equity and Note 19: Share-Based Plans for further information relating to potential common shares excluded from the effect of dilutive securities.