Earnings Per Common Share

3 Months Ended

Mar. 31, 2020

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


	Three Months Ended March 31,
(In thousands, except per share data)	2020		2019
Earnings for basic and diluted earnings per common share:
Net income	$	38,199	$	99,736
Less: Preferred stock dividends	1,969		1,969
Net income available to common shareholders	36,230		97,767
Less: Earnings applicable to participating securities ⁽¹⁾	209		218
Earnings applicable to common shareholders	$	36,021	$	97,549

Shares:
Weighted-average common shares outstanding - basic	90,936		91,962
Effect of dilutive securities	270		263
Weighted-average common shares outstanding - diluted	91,206		92,225

Earnings per common share⁽¹⁾:
Basic	$	0.40	$	1.06
Diluted	0.39		1.06

(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 35 thousand and 91 thousand for the three months ended March 31, 2020 and 2019, respectively, are excluded from the effect of dilutive securities because they would have been anti-dilutive under the treasury stock method.