Earnings Per Share

6 Months Ended

Jun. 30, 2019

EARNINGS PER SHARE

The computations of basic and diluted earnings per share were as follows:



	Three Months Ended June 30,					Six Months Ended June 30,
(in thousands, except per share data)	2019		2018			2019			2018
Earnings Per Common Share - Basic:
Net income	$	101,598	$	75,124		$	201,729		$	138,745
Less: Preferred stock dividends	949		949			4,547			4,547
Less: Dividends and undistributed earnings allocated to unvested restricted shares	999		767			1,931			1,409
Earnings allocated to common shareholders - basic	$	99,650	$	73,408		$	195,251		$	132,789
Weighted average common shares outstanding	53,345		55,931			53,758			54,780
Earnings per common share - basic	$	1.87	$	1.31		$	3.63		$	2.42
Earnings Per Common Share - Diluted:
Earnings allocated to common shareholders - basic	$	99,650	$	73,408		$	195,251		$	132,789
Adjustment for undistributed earnings allocated to unvested restricted shares	24		(7		)	(21		)	(26		)
Earnings allocated to common shareholders - diluted	$	99,674	$	73,401		$	195,230		$	132,763
Weighted average common shares outstanding	53,345		55,931			53,758			54,780
Dilutive potential common shares	328		356			346			353
Weighted average common shares outstanding - diluted	53,674		56,287			54,104			55,133
Earnings per common share - diluted	$	1.86	$	1.30		$	3.61		$	2.41

For the three months ended June 30, 2019 and 2018, the calculations for basic shares outstanding excluded weighted average shares owned by the RRP of 521,591 and 595,856, respectively. For the six months ended June 30 2019 and 2018, the calculations for basic shares outstanding excluded weighted average shares owned by the RRP of 542,769 and 601,018, respectively.

The effects from the assumed exercises of 154,780 and 156,988 stock options were not included in the computation of diluted earnings per share for the three months ended June 30, 2019 and 2018, respectively, because they were antidilutive. For the six months ended June 30, 2019 and 2018, the effects from the assumed exercises of 154,780 and 156,988 stock options, respectively, were not included in the computation of diluted earnings per share because they were antidilutive.