Earnings Per Common Share

12 Months Ended

Dec. 31, 2020

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


	Years ended December 31,
(In thousands, except per share data)	2020		2019		2018
Earnings for basic and diluted earnings per common share:
Net income	$	220,621	$	382,723	$	360,418
Less: Preferred stock dividends	7,875		7,875		7,853
Net income available to common shareholders	212,746		374,848		352,565
Less: Earnings applicable to participating securities (1)	1,272		1,863		862
Earnings applicable to common shareholders	$	211,474	$	372,985	$	351,703

Shares:
Weighted-average common shares outstanding - basic	89,967		91,559		91,930
Effect of dilutive securities	184		323		297
Weighted-average common shares outstanding - diluted	90,151		91,882		92,227

Earnings per common share (1):
Basic	$	2.35	$	4.07	$	3.83
Diluted	2.35		4.06		3.81

(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 44 thousand, 73 thousand, and 47 thousand for the years ended December 31, 2020, 2019, and 2018, respectively, are excluded from the effect of dilutive securities because they would have been anti-dilutive under the treasury stock method.

Refer to Note 20: Share-Based Plans for further information relating to potential common shares excluded from the effect of dilutive securities.