Earnings Per Common Share

12 Months Ended

Dec. 31, 2025

The following table summarizes the calculation of basic and diluted earnings per common share:


	Years ended December 31,
(In thousands, except per share data)	2025		2024		2023
Net income	$	1,002,802	$	768,707	$	867,840
Less: Preferred stock dividends	16,650		16,650		16,650

Income allocated to participating securities	11,291		7,981		7,922
Net income applicable to common stockholders	$	974,861	$	744,076	$	843,268

Weighted-average common shares outstanding - basic	164,842		169,820		171,775
Add: Effect of dilutive stock options and restricted stock	364		372		108
Weighted-average common shares - diluted	165,206		170,192		171,883

Earnings per common share - basic	$	5.91	$	4.38	$	4.91
Earnings per common share - diluted	5.90		4.37		4.91

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, stock appreciation rights, restricted stock, performance-based 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 zero, zero, and 204,945 for the years ended December 31, 2025, 2024, and 2023, respectively. Additional information regarding the issuance of stock awards under the Company’s stock incentive plan can be found within Note 19: Stock-Based Compensation Plans.