Earnings Per Share

9 Months Ended

Sep. 30, 2020

The following table sets forth the computation of basic and diluted earnings per share for the periods indicated (in thousands, except per share data).


	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Net income	$	47,607	$	48,362	$	104,587	$	136,709
Dividends on preferred stock	(1,814)		—		(1,814)		—
Dividends and undistributed earnings allocated to unvested shares	(356)		(351)		(779)		(982)
Net income available to common shareholders	$	45,437	$	48,011	$	101,994	$	135,727

Weighted average shares outstanding:
Basic	87,129		79,663		81,815		79,714
Effect of dilutive securities
Stock options	—		1		—		1
Restricted stock units	76		3		61		3
Diluted	87,205		79,667		81,876		79,718

Net income per common share:
Basic	$	0.52	$	0.60	$	1.25	$	1.70
Diluted	$	0.52	$	0.60	$	1.25	$	1.70

At September 30, 2019, United excluded 1,000 potentially dilutive shares of common stock issuable upon exercise of stock options with a weighted average exercise price of $30.45 from the computation of diluted earnings per share because of their antidilutive effect.