Earnings Per Common Share

12 Months Ended

Dec. 31, 2018

Earnings Per Common Share [Abstract]

NOTE 24 – EARNINGS PER COMMON SHARE

The calculation of earnings per common share for the years ended December 31, 2018, 2017 and 2016 is as follows:

	Year Ended December 31,
	2018		2017		2016
	(In thousands, except per share data)
Net income	$	84,410	$	52,646	$	59,186
Less: Dividends on preferred stock
Non-convertible preferred stock (Series A, B, and D)		(6,511)		(6,512)		(6,512)
Convertible preferred stock (Series C)		(5,513)		(7,350)		(7,350)
Income available to common shareholders	$	72,386	$	38,784	$	45,324
Effect of assumed conversion of the convertible preferred stock		5,513		7,350		7,350
Income available to common shareholders assuming conversion	$	77,899	$	46,134	$	52,674

Weighted average common shares and share equivalents:
Average common shares outstanding		45,400		43,939		43,913
Effect of dilutive securities:
Average potential common shares-options		142		19		37
Average potential common shares-assuming conversion of convertible preferred stock		5,807		7,138		7,138
Total weighted average common shares outstanding and equivalents		51,349		51,096		51,088
Earnings per common share - basic	$	1.59	$	0.88	$	1.03
Earnings per common share - diluted	$	1.52	$	0.88	$	1.03

During the last quarter of 2018, Oriental converted all of its outstanding Series C Preferred Stock into Oriental common stock. Each of the 84,000 Series C Preferred Stock shares were converted into 86.4225 shares of common stock. In computing diluted earnings per common share during 2016, 2017 and the first nine months of 2018, the 84,000 shares of Series C Preferred Stock that remained outstanding, with a conversion rate, subject to certain conditions, of 86.4225 shares of common stock per share, were included as average potential common shares from the date they were issued and outstanding. Moreover, in computing diluted earnings per common share, the dividends declared during the years ended December 31, 2018, 2017 and 2016 on the convertible preferred stock were added back as income available to common shareholders.

For the years ended December 31, 2018, 2017 and 2016, weighted-average stock options with an anti-dilutive effect on earnings per share not included in the calculation amounted to 432,522, 932,306, and 949,134, respectively.