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Earnings Per Common Share
 3 Months Ended
Mar. 31, 2021
Earnings Per Common Share [Abstract]  
Earnings Per Common Share NOTE 18 – EARNINGS PER COMMON SHAREThe calculation of earnings per common share for the quarters ended March 31, 2021 and 2020 is as follows:

 

Quarter Ended March 31,

 

2021

 

2020

 

(In thousands, except per share data)

Net income

$

30,373

 

$

1,801

Less: Dividends on preferred stock

 

 

 

 

 

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

 

(1,255)

 

 

(1,628)

Income available to common shareholders

$

29,118

 

$

173

 

 

 

 

 

 

Average common shares outstanding

$

51,397

 

$

51,404

Effect of dilutive securities:

 

 

 

 

 

Average potential common shares-options

 

219

 

 

309

Total weighted average common shares outstanding and equivalents

$

51,616

 

$

51,713

Earnings per common share - basic

$

0.57

 

$

-

Earnings per common share - diluted

$

0.56

 

$

-

For the quarter ended March 31, 2021, weighted-average stock options with an anti-dilutive effect on earnings per share not included in the calculation amounted to 35,236. For the quarter ended March 31, 2020, OFG did not have weighted-average stock options with an anti-dilutive effect on earnings per share.