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EARNINGS PER COMMON SHARE
 6 Months Ended
Jun. 30, 2022
Earnings Per Share [Abstract]  
EARNINGS PER COMMON SHARE EARNINGS PER COMMON SHARE
The calculation of earnings per common share for the quarters and six-month periods ended June 30, 2022 and 2021 is as follows:
Quarter Ended June 30,Six-Month Period Ended June 30,
2022202120222021
(In thousands, except per share data)
Net income$40,432 $40,827 $77,953 $71,200 
Less: Dividends on preferred stock
Non-convertible preferred stock (Series A, B, and D)— — — (1,255)
Income available to common shareholders$40,432 $40,827 $77,953 $69,945 
Average common shares outstanding48,053 51,636 48,508 51,517 
Effect of dilutive securities:
Average potential common shares-options336 412 425 368 
Total weighted average common shares outstanding and equivalents48,389 52,048 48,933 51,885 
Earnings per common share - basic$0.84 $0.79 $1.61 $1.36 
Earnings per common share - diluted$0.84 $0.78 $1.59 $1.35 
For the quarters ended June 30, 2022 and 2021, OFG weighted-average stock options with an anti-dilutive effect on earnings per share not included in the calculation amounted to 1,292 and 1,514, respectively. For the six-month periods ended June 30, 2022 and 2021, weighted-average stock options with an anti-dilutive effect on earnings per share not included in the calculation amounted to 1,138 and zero, respectively.
During the first quarter of 2022, OFG increased its quarterly common stock cash dividend to $0.15 per share.