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Earnings Per Common Share | 3 Months Ended
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Mar. 31, 2019
Earnings Per Common Share [Abstract] |
Earnings Per Common Share | NOTE 16 – EARNINGS PER COMMON SHARE The calculation of earnings per common share for the quarters ended March 31, 2019 and 2018 is as follows:
| Quarter Ended March 31,
| 2019 |  | 2018
| (In thousands, except per share data)
Net income | $ | 23,470 |  | $ | 16,917
Less: Dividends on preferred stock |  |  |  |  |
Non-convertible preferred stock (Series A, B, and D) |  | (1,628) |  |  | (1,627)
Convertible preferred stock (Series C) |  | - |  |  | (1,838)
Income available to common shareholders | $ | 21,842 |  | $ | 13,452
Effect of assumed conversion of the convertible preferred stock |  | - |  |  | 1,838
Income available to common shareholders assuming conversion | $ | 21,842 |  | $ | 15,290
Weighted average common shares and share equivalents: |  |  |  |  |
Average common shares outstanding |  | 51,305 |  |  | 43,955
Effect of dilutive securities: |  |  |  |  |
Average potential common shares-options |  | 321 |  |  | 28
Average potential common shares-assuming conversion of convertible preferred stock |  | - |  |  | 7,138
Total weighted average common shares outstanding and equivalents |  | 51,626 |  |  | 51,121
Earnings per common share - basic | $ | 0.43 |  | $ | 0.31
Earnings per common share - diluted | $ | 0.42 |  | $ | 0.30
During the last quarter of 2018, Oriental converted all of its 84,000 outstanding shares of Series C P referred S tock into common stock. Each S eries C P referred S tock share w as converted into 8 6.4225 shares of common stock. I n computing diluted earnings per common share d uring t he first nine months of 2018, the 84,000 shares of Series C P referred S tock that remained outstanding, with a conversion rate, subject to certain conditions, of 86.4225 sh ares 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 quarter ended March 31, 2018 on the convertible preferred stock were added back as income available to common shareholders. For the quarters ended March 31, 2019 and 2018, weighted-average stock o ptions with an anti-dilutive effect on earnings per share not included in the calc ulation amounted to 28,414 and 859,322, respectively.

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- Definition The entire disclosure for earnings per share. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -URI http://asc.fasb.org/topic&trid=2144383 + Details
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