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EARNINGS PER COMMON SHARE
 12 Months Ended
Dec. 31, 2022
Earnings Per Share [Abstract]  
EARNINGS PER COMMON SHARE EARNINGS PER COMMON SHARE
The calculation of earnings per common share for 2022, 2021 and 2020 is as follows:
Year Ended December 31,
202220212020
(In thousands, except per share data)
Net income$166,239 $146,151 $74,327 
Less: Dividends on preferred stock
Non-convertible preferred stock (Series A, B, and D)— (1,255)(6,512)
Income available to common shareholders$166,239 $144,896 $67,815 
Average common shares outstanding48,033 50,956 51,358 
Effect of dilutive securities:
Average potential common shares-options403 414 197 
Total weighted average common shares outstanding and equivalents48,436 51,370 51,555 
Earnings per common share - basic$3.46 $2.85 $1.32 
Earnings per common share - diluted$3.44 $2.81 $1.32 
For 2022, 2021 and 2020, weighted-average stock options with an anti-dilutive effect on earnings per share not included in the calculation amounted to 1,279, 3,175 and 7,481, respectively.
During 2022, OFG increased its quarterly common stock cash dividend to $0.20 per share from $0.12 per share at December 31, 2021.