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Net Income Per Common Share | 3 Months Ended
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Mar. 31, 2024
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 March 31,
(dollars and shares in thousands, except per share data) |  |  |  |  | 2024 |  | 2023
Net income |  |  |  |  | $ | 120,284 |  |  | $ | 146,600 |
Preferred dividends |  |  |  |  | (4,034) |  |  | (4,034) |
Net income applicable to common shares |  |  |  |  | $ | 116,250 |  |  | $ | 142,566 |
Weighted average common shares outstanding: |  |  |  |  |  |  |
Weighted average common shares outstanding (basic) |  |  |  |  | 290,980 |  |  | 291,088 |
Effect of dilutive securities: |  |  |  |  |  |  |
Restricted stock |  |  |  |  | 1,227 |  |  | 1,666 |
Stock appreciation rights |  |  |  |  | — |  |  | 2 |
Weighted average diluted shares outstanding |  |  |  |  | 292,207 |  |  | 292,756 |
Basic Net Income Per Common Share |  |  |  |  | $ | 0.40 |  |  | $ | 0.49 |
Diluted Net Income Per Common Share |  |  |  |  | $ | 0.40 |  |  | $ | 0.49 |

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