XML 30 R20.htm IDEA: XBRL DOCUMENT v3.22.2
Earnings Per Common Share
 6 Months Ended
Jun. 30, 2022
Earnings Per Share [Abstract]  
Earnings Per Common Share Earnings Per Common Share
The following table summarizes the calculation of basic and diluted earnings per common share:
 Three months ended June 30,Six months ended June 30,
(In thousands, except per share data)2022202120222021
Net income$182,311 $94,035 $165,564 $202,113 
Less: Preferred stock dividends4,163 1,969 7,594 3,938 
Net income available to common shareholders178,148 92,066 157,970 198,175 
Less: Earnings allocated to participating securities1,718 511 1,456 1,090 
Earnings applicable to common shareholders$176,430 $91,555 $156,514 $197,085 
Weighted-average common shares outstanding - basic175,845 90,027 161,698 89,918 
Effect of dilutive securities50 194 87 246 
Weighted-average common shares outstanding - diluted175,895 90,221 161,785 90,164 
Basic earnings per common share$1.00 $1.02 $0.97 $2.19 
Diluted earnings per common share1.00 1.01 0.97 2.19 
Earnings per common share is calculated under the two-class method in which all earnings (distributed and undistributed) are allocated to common stock and participating securities based on their respective rights to receive dividends. Webster may grant restricted stock, restricted stock units, non-qualified stock options, incentive stock options, or stock appreciation rights to certain employees and directors under its stock-based compensation programs, which entitle recipients to receive non-forfeitable dividends during the vesting period on a basis equivalent to the dividends paid to holders of common stock. These unvested awards meet the definition of participating securities.
Potential common shares from stock options and performance-based restricted stock awards that were not included in the computation of dilutive earnings per common share because they were anti-dilutive under the treasury stock method were 379,308 and 298,617 for the three and six months ended June 30, 2022, respectively, and 55,027 and 27,666 for the three and six months ended June 30, 2021, respectively.