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Earnings Per Share
 12 Months Ended
Dec. 31, 2016
Earnings Per Share [Abstract]  
Earnings Per Share
EARNINGS PER SHARE
Share-based payment awards that entitle holders to receive non-forfeitable dividends before vesting are considered participating securities that are included in the calculation of earnings per share using the two-class method. The two-class method is an earnings allocation formula under which earnings per share is calculated for common stock and participating securities according to dividends declared and participating rights in undistributed earnings. Under this method, all earnings, distributed and undistributed, are allocated to common shares and participating securities based on their respective rights to receive dividends.
The following table presents the calculation of basic and diluted earnings per share for the periods indicated.
 
For the Years Ended December 31,
(In thousands, except per share data)
2016
 
2015
 
2014
Earnings per common share - basic
 
 
 
 
 
Net income
$
186,777

 
$
142,844

 
$
105,382

Preferred stock dividends
(7,977
)
 
—

 
—

Dividends and undistributed earnings allocated to unvested restricted shares
(1,872
)
 
(1,680
)
 
(1,651
)
Net income allocated to common shareholders - basic
$
176,928

 
$
141,164

 
$
103,731

Weighted average common shares outstanding
40,948

 
38,214

 
31,307

Earnings per common share - basic
4.32

 
3.69

 
3.31

 
 
 
 
 
 
Earnings per common share - diluted
 
 
 
 
 
Net income allocated to common shareholders - basic
$
176,928

 
$
141,164

 
$
103,731

Dividends and undistributed earnings allocated to unvested restricted shares
(37
)
 
(48
)
 
(34
)
Net income allocated to common shareholders - diluted
$
176,891

 
$
141,116

 
$
103,697

Weighted average common shares outstanding
40,948

 
38,214

 
31,307

Dilutive potential common shares
158

 
96

 
126

Weighted average common shares outstanding - diluted
41,106

 
38,310

 
31,433

Earnings per common share - diluted
$
4.30

 
$
3.68

 
$
3.30


For the years ended December 31, 2016, 2015, and 2014, the calculations for basic shares outstanding exclude the weighted average shares owned by the Recognition and Retention Plan (“RRP”) of 447,818; 607,608; and 625,555, respectively.
The effects from the assumed exercises of 155,969; 159,236; and 13,101 stock options were not included in the computation of diluted earnings per share for the years ended December 31, 2016, 2015, and 2014, respectively, because such amounts would have had an antidilutive effect on earnings per common share.