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EARNINGS PER COMMON SHARE
 3 Months Ended
Mar. 31, 2022
Earnings Per Share [Abstract]  
EARNINGS PER COMMON SHARE EARNINGS PER COMMON SHARE
The calculation of earnings per common share for the quarters ended March 31, 2022 and 2021 is as follows:
Quarter Ended March 31,
20222021
(In thousands, except per share data)
Net income$37,521 $30,373 
Less: Dividends on preferred stock
Non-convertible preferred stock (Series A, B, and D)— (1,255)
Income available to common shareholders$37,521 $29,118 
Average common shares outstanding48,968 51,397 
Effect of dilutive securities:
Average potential common shares-options516 355 
Total weighted average common shares outstanding and equivalents49,484 51,752 
Earnings per common share - basic$0.77 $0.57 
Earnings per common share - diluted$0.76 $0.56 
For the quarters ended March 31, 2022 and 2021, OFG did not have weighted-average stock options with an anti-dilutive effect on earnings per share.
During the quarter ended March 31, 2022, OFG increased its quarterly common stock cash dividend to $0.15 per share.