Earnings Per Common Share

6 Months Ended

Jun. 30, 2020

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)	2020		2019		2020		2019
Earnings for basic and diluted earnings per common share:
Net income	$	53,097	$	98,649	$	91,296	$	198,385
Less: Preferred stock dividends	1,969		1,969		3,938		3,938
Net income available to common shareholders	51,128		96,680		87,358		194,447
Less: Earnings applicable to participating securities ⁽¹⁾	399		487		592		964
Earnings applicable to common shareholders	$	50,729	$	96,193	$	86,766	$	193,483

Shares:
Weighted-average common shares outstanding - basic	89,485		91,534		90,206		91,550
Effect of dilutive securities	85		321		185		348
Weighted-average common shares outstanding - diluted	89,570		91,855		90,391		91,898

Earnings per common share⁽¹⁾:
Basic	$	0.57	$	1.05	$	0.96	$	2.11
Diluted	0.57		1.05		0.96		2.11

(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 192 thousand and 87 thousand for the three months ended June 30, 2020 and 2019, respectively, and 114 thousand and 59 thousand for the six months ended June 30, 2020 and 2019, respectively, are excluded from the effect of dilutive securities because they would have been anti-dilutive under the treasury stock method.