Earnings Per Common Share

3 Months Ended

Mar. 31, 2024

The following table summarizes the calculation of basic and diluted earnings per common share:


	Three months ended March 31,
(In thousands, except per share data)	2024		2023
Net income	$	216,323	$	221,004
Less: Preferred stock dividends	4,163		4,163
Net income available to common stockholders	212,160		216,841
Less: Earnings allocated to participating securities	2,101		1,845
Earnings applicable to common stockholders	$	210,059	$	214,996

Weighted-average common shares outstanding - basic	170,445		172,766
Add: Effect of dilutive stock options and restricted stock	259		117
Weighted-average common shares outstanding - diluted	170,704		172,883

Basic earnings per common share	$	1.23	$	1.24
Diluted earnings per common share	1.23		1.24

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 54,586 and 85,033 for the three months ended March 31, 2024, and 2023, respectively,