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Earnings Per Common Share
 9 Months Ended
Sep. 30, 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 and nine-month periods ended September 30, 2021 and 2020 is as follows:

 

Quarter Ended September 30,

 

Nine-Month Period Ended September 30,

 

2021

 

2020

 

2021

 

2020

 

(In thousands, except per share data)

Net income

$

41,671

 

$

27,438

 

$

112,871

 

$

51,026

Less: Dividends on preferred stock

 

 

 

 

 

 

 

 

 

 

 

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

 

-

 

 

(1,628)

 

 

(1,255)

 

 

(4,884)

Income available to common shareholders

$

41,671

 

$

25,810

 

$

111,616

 

$

46,142

 

 

 

 

 

 

 

 

 

 

 

 

Average common shares outstanding

$

51,063

 

$

51,342

 

$

51,364

 

$

51,361

Effect of dilutive securities:

 

 

 

 

 

 

 

 

 

 

 

Average potential common shares-options

 

453

 

 

185

 

 

384

 

 

202

Total weighted average common shares outstanding and equivalents

$

51,516

 

$

51,527

 

$

51,748

 

$

51,563

Earnings per common share - basic

$

0.82

 

$

0.50

 

$

2.18

 

$

0.90

Earnings per common share - diluted

$

0.81

 

$

0.50

 

$

2.15

 

$

0.89

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. For the quarter ended September 30, 2021, there were no weighted-average stock options with an anti-dilutive effect on earnings per share. For the nine-month periods ended September 30, 2021 and 2020, weighted-average stock options with an anti-dilutive effect on earnings per share not included in the calculation amounted to 3,075 and 8,105, respectively.