Earnings Per Common Share

3 Months Ended

Mar. 31, 2025

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)	2025		2024
Net income	$	226,917	$	216,323
Less: Preferred stock dividends	4,163		4,163

Income allocated to participating securities	2,387		2,101
Net income applicable to common stockholders	$	220,367	$	210,059

Weighted-average common shares outstanding - basic	169,182		170,445
Add: Effect of dilutive stock options and restricted stock	362		259
Weighted-average common shares - diluted	169,544		170,704

Earnings per common share - basic	$	1.30	$	1.23
Earnings per common share - diluted	1.30		1.23

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 provide for the grant of stock options, restricted stock, performance-based restricted stock, and stock units to eligible employees and directors under its stock incentive plan. Holders of restricted stock are entitled 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 diluted earnings per common share because they were anti-dilutive under the treasury stock method were 46,900 and 54,586 for the three months ended March 31, 2025, and 2024, respectively. Additional information regarding stock awards under the Company’s stock incentive plan can be found within Note 20: Share-Based Plans in the Notes to Consolidated Financial Statements contained in Part II - Item 8. Financial Statements and Supplementary Data of the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.