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EARNINGS PER COMMON SHARE | 9 Months Ended
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Sep. 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 nine-month periods ended September 30, 2022 and 2021 is as follows:
| Quarter Ended September 30, | Nine-Month Period Ended September 30,
| 2022 |  | 2021 | 2022 |  | 2021 |  |
| (In thousands, except per share data) |  |
Net income | $ | 41,919 |  |  | $ | 41,671 |  | $ | 119,872 |  |  | $ | 112,871 |  |  |
Less: Dividends on preferred stock |  |  |  |  |  |  |  |
Non-convertible preferred stock (Series A, B, and D) | — |  |  | — |  | — |  |  | (1,255) |  |  |
Income available to common shareholders | $ | 41,919 |  |  | $ | 41,671 |  | $ | 119,872 |  |  | $ | 111,616 |  |  |
Average common shares outstanding | 47,558 |  |  | 51,063 |  | 48,188 |  |  | 51,364 |  |  |
Effect of dilutive securities: |  |  |  |  |  |  |  |
Average potential common shares-options | 368 |  |  | 453 |  | 406 |  |  | 384 |  |  |
Total weighted average common shares outstanding and equivalents | 47,926 |  |  | 51,516 |  | 48,594 |  |  | 51,748 |  |  |
Earnings per common share - basic | $ | 0.88 |  |  | $ | 0.82 |  | $ | 2.49 |  |  | $ | 2.18 |  |  |
Earnings per common share - diluted | $ | 0.87 |  |  | $ | 0.81 |  | $ | 2.47 |  |  | $ | 2.15 |  |  |
For the quarters ended September 30, 2022 and 2021, OFG did not have weighted-average stock options with an anti-dilutive effect on earnings per share. For the nine-month periods ended September 30, 2022 and 2021, weighted-average stock options with an anti-dilutive effect on earnings per share not included in the calculation amounted to 1,070 and 3,075, respectively. During the quarter ended September 30, 2022, OFG increased its quarterly common stock cash dividend to $0.20 per share.

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- Definition The entire disclosure for earnings per share. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 3 -URI https://asc.fasb.org/extlink&oid=109243012&loc=SL65017193-207537 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (c) -URI https://asc.fasb.org/extlink&oid=124432515&loc=d3e3550-109257 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -URI https://asc.fasb.org/topic&trid=2144383 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 2 -URI https://asc.fasb.org/extlink&oid=124432515&loc=d3e3630-109257 + Details
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