Earnings Per Common Share

6 Months Ended

Jun. 30, 2023

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)	2023		2022		2023		2022
Net income	$	234,968	$	182,311	$	455,972	$	165,564
Less: Preferred stock dividends	4,162		4,163		8,325		7,594
Net income available to common stockholders	230,806		178,148		447,647		157,970
Less: Earnings allocated to participating securities	2,235		1,718		4,073		1,456
Earnings applicable to common stockholders	$	228,571	$	176,430	$	443,574	$	156,514

Weighted-average common shares outstanding - basic	172,739		175,845		172,752		161,698
Add: Effect of dilutive stock options and restricted stock	64		50		87		87
Weighted-average common shares outstanding - diluted	172,803		175,895		172,839		161,785

Basic earnings per common share	$	1.32	$	1.00	$	2.57	$	0.97
Diluted earnings per common share	1.32		1.00		2.57		0.97

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. The Company 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 performance-based restricted stock that were not included in the computation of dilutive earnings per common share because they were anti-dilutive under the treasury stock method were 263,674 and 174,840 for the three and six months ended June 30, 2023, respectively, and 379,308 and 298,617 for the three and six months ended
June 30, 2022, respectively.