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Earnings Per Common Share | 9 Months Ended
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Sep. 30, 2024
Earnings Per Share [Abstract] |
Earnings Per Common Share | Earnings Per Common Share Earnings per common share are calculated utilizing the two-class method. Basic earnings per common share are calculated by dividing the sum of distributed earnings to common shareholders and undistributed earnings allocated to common shareholders by the weighted average number of common shares outstanding. Diluted earnings per common share are calculated by dividing the sum of distributed earnings to common shareholders and undistributed earnings allocated to common shareholders by the weighted average number of common shares outstanding adjusted for the dilutive effect of common stock awards (outstanding stock options and unvested restricted stock awards). Presented below are the calculations for basic and diluted earnings per common share:
| Three Months Ended Sep 30, | Nine Months Ended Sep 30,
($ in thousands, except per share data) | 2024 | 2023 | 2024 | 2023
Net income | $ | 88,018 |  | $ | 83,248 |  | $ | 284,760 |  | $ | 273,762 |
Preferred stock dividends | (2,875) |  | (2,875) |  | (8,625) |  | (8,625) |
Net income available to common equity | 85,143 |  | 80,373 |  | 276,135 |  | 265,137 |
Common shareholder dividends | (33,413) |  | (31,806) |  | (100,131) |  | (95,417) |
Unvested share-based payment awards | (185) |  | (190) |  | (502) |  | (588) |
Undistributed earnings | $ | 51,544 |  | $ | 48,377 |  | $ | 175,502 |  | $ | 169,132 |
Undistributed earnings allocated to common shareholders | $ | 51,255 |  | $ | 48,090 |  | $ | 174,511 |  | $ | 168,136 |
Undistributed earnings allocated to unvested share-based payment awards | 289 |  | 287 |  | 991 |  | 996 |
Undistributed earnings | $ | 51,544 |  | $ | 48,377 |  | $ | 175,502 |  | $ | 169,132 |
Basic |  |  |  |
Distributed earnings to common shareholders | $ | 33,413 |  | $ | 31,806 |  | $ | 100,131 |  | $ | 95,417 |
Undistributed earnings allocated to common shareholders | 51,255 |  | 48,090 |  | 174,511 |  | 168,136 |
Total common shareholders earnings, basic | $ | 84,669 |  | $ | 79,896 |  | $ | 274,642 |  | $ | 263,553 |
Diluted |  |  |  |
Distributed earnings to common shareholders | $ | 33,413 |  | $ | 31,806 |  | $ | 100,131 |  | $ | 95,417 |
Undistributed earnings allocated to common shareholders | 51,255 |  | 48,090 |  | 174,511 |  | 168,136 |
Total common shareholders earnings, diluted | $ | 84,669 |  | $ | 79,896 |  | $ | 274,642 |  | $ | 263,553 |
Weighted average common shares outstanding | 150,247 |  | 150,035 |  | 149,993 |  | 149,929 |
Effect of dilutive common stock awards | 1,244 |  | 980 |  | 1,251 |  | 1,042 |
Diluted weighted average common shares outstanding | 151,492 |  | 151,014 |  | 151,244 |  | 150,971 |
Basic earnings per common share | $ | 0.56 |  | $ | 0.53 |  | $ | 1.83 |  | $ | 1.76 |
Diluted earnings per common share | $ | 0.56 |  | $ | 0.53 |  | $ | 1.82 |  | $ | 1.75 |
Excluded from the earnings per common share calculations were 2 million and 4 million anti-dilutive common stock options for the three months ended September 30, 2024 and 2023, respectively, and 2 million and 3 million anti-dilutive common stock options were excluded from the earnings per common share calculations for the nine months ended September 30, 2024 and 2023, respectively.

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