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Earnings Per Common Share
 12 Months Ended
Dec. 31, 2024
Earnings Per Share [Abstract]  
Earnings Per Common Share Earnings Per Common Share
The following table summarizes the calculation of basic and diluted earnings per common share:
 Years ended December 31,
(In thousands, except per share data)202420232022
Net income$768,707 $867,840 $644,283 
Less: Preferred stock dividends16,650 16,650 15,919 
Net income available to common stockholders752,057 851,190 628,364 
Less: Earnings allocated to participating securities7,981 7,922 5,672 
Earnings applicable to common stockholders$744,076 $843,268 $622,692 
Weighted-average common shares outstanding - basic169,820 171,775 167,452 
Add: Effect of dilutive stock options and restricted stock372 108 95 
Weighted-average common shares - diluted170,192 171,883 167,547 
Basic earnings per common share$4.38 $4.91 $3.72 
Diluted earnings per common share4.37 4.91 3.72 
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 dilutive earnings per common share, because they were anti-dilutive under the treasury stock method, were zero, 204,945, and 176,177 for the years ended December 31, 2024, 2023, and 2022, respectively. Additional information regarding the issuance of stock awards under the Company’s stock incentive plan can be found within Note 20: Share-Based Plans