Year Ended December 31,

2020

2019

2018

(In thousands, except per share data)

Net income

$

74,327

$

53,841

$

84,410

Less: Dividends on preferred stock

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

(6,512)

(6,511)

Convertible preferred stock (Series C)

-

(5,513)

Income available to common shareholders

$

67,815

$

47,329

$

72,386

Effect of assumed conversion of the convertible preferred stock

-

5,513

Income available to common shareholders assuming conversion

$

67,815

$

47,329

$

77,899

Average common shares outstanding

51,358

51,335

45,400

Effect of dilutive securities:

Average potential common shares-options

197

384

142

Average potential common shares-assuming conversion of convertible preferred stock

-

5,807

Total weighted average common shares outstanding and equivalents

51,555

51,719

51,349

Earnings per common share - basic

$

1.32

$

0.92

$

1.59

Earnings per common share - diluted

$

1.32

$

0.92

$

1.52