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Net Income Per Common Share
9 Months Ended
Sep. 30, 2023
Earnings Per Share [Abstract]  
Net Income Per Common Share NET INCOME PER COMMON SHARE
Basic and diluted net income per common share are calculated using the two-class method.  Net income applicable to common shares is divided by the weighted-average number of common shares outstanding during the period.  Adjustments to the weighted average number of common shares outstanding are made only when such adjustments will dilute net income per common share.  Net income applicable to common shares is then divided by the weighted-average number of common shares and common share equivalents during the period.
The following table presents the calculation of basic and diluted net income per common share:
Three Months Ended
September 30,
Nine Months Ended
September 30,
(dollars and shares in thousands, except per share data)2023202220232022
Net income$147,876 $140,153 $449,512 $227,552 
Preferred dividends(4,034)(4,034)(12,101)(10,084)
Net income applicable to common shares$143,842 $136,119 $437,411 $217,468 
Weighted average common shares outstanding:
Weighted average common shares outstanding (basic)290,648 290,961 290,763 269,843 
Effect of dilutive securities:
Restricted stock1,069 1,516 1,045 1,273 
Stock appreciation rights 1 
Weighted average diluted shares outstanding291,717 292,483 291,809 271,123 
Basic Net Income Per Common Share$0.49 $0.47 $1.50 $0.81 
Diluted Net Income Per Common Share$0.49 $0.47 $1.50 $0.80