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Earnings Per Common Share
 9 Months Ended
Sep. 30, 2020
Earnings Per Common Share [Abstract]  
Earnings Per Common Share NOTE 19 – EARNINGS PER COMMON SHAREThe calculation of earnings per common share for the quarters and nine-month periods ended September 30, 2020 and 2019 is as follows:

 

Quarter Ended September 30,

 

Nine-Month Period Ended September 30,

 

2020

 

2019

 

2020

 

2019

 

(In thousands, except per share data)

Net income

$

27,438

 

$

7,383

 

$

51,026

 

$

54,832

Less: Dividends on preferred stock

 

 

 

 

 

 

 

 

 

 

 

Non-convertible preferred stock (Series A, B, and D)

 

(1,628)

 

 

(1,628)

 

 

(4,884)

 

 

(4,884)

Income available to common shareholders

$

25,810

 

$

5,755

 

$

46,142

 

$

49,948

 

 

 

 

 

 

 

 

 

 

 

 

Average common shares outstanding

 

51,342

 

 

51,345

 

 

51,361

 

 

51,327

Effect of dilutive securities:

 

 

 

 

 

 

 

 

 

 

 

Average potential common shares-options

 

185

 

 

427

 

 

202

 

 

368

Total weighted average common shares outstanding and equivalents

 

51,527

 

 

51,772

 

 

51,563

 

 

51,695

Earnings per common share - basic

$

0.50

 

$

0.11

 

$

0.90

 

$

0.97

Earnings per common share - diluted

$

0.50

 

$

0.11

 

$

0.89

 

$

0.97

For the quarter ended September 30, 2020, weighted-average stock options with an anti-dilutive effect on earnings per share not included in the calculation amounted to 132 thousand. For the quarter ended September 30, 2019, Oriental did not have weighted-average stock options with an anti-dilutive effect on earnings per share. For the nine-month periods ended September 30, 2020, weighted-average stock options with an anti-dilutive effect on earnings per share not included in the calculation amounted to 8,105. For the nine-month period ended September 30, 2019, Oriental did not have weighted-average stock options with an anti-dilutive effect on earnings per share.