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EARNINGS PER COMMON SHARE | 9 Months Ended
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Sep. 30, 2023
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, 2023 and 2022 is as follows:
| Quarter Ended September 30, | Nine-Month Period Ended September 30,
| 2023 |  | 2022 | 2023 |  | 2022 |  |
| (In thousands, except per share data)
Income available to common shareholders | $ | 44,873 |  |  | $ | 41,919 |  | $ | 135,275 |  |  | $ | 119,872 |  |  |
Average common shares outstanding | 47,114 |  |  | 47,558 |  | 47,325 |  |  | 48,188 |  |  |
Effect of dilutive securities: |  |  |  |  |  |  |  |
Average potential common shares-options | 278 |  |  | 368 |  | 280 |  |  | 406 |  |  |
Total weighted average common shares outstanding and equivalents | 47,392 |  |  | 47,926 |  | 47,605 |  |  | 48,594 |  |  |
Earnings per common share - basic | $ | 0.95 |  |  | $ | 0.88 |  | $ | 2.86 |  |  | $ | 2.49 |  |  |
Earnings per common share - diluted | $ | 0.95 |  |  | $ | 0.87 |  | $ | 2.84 |  |  | $ | 2.47 |  |  |
For the quarters ended September 30, 2023 and 2022, weighted-average restricted stock units with an anti-dilutive effect on earnings per share not included in the calculation amounted to 245 and zero, respectively. For the nine-month periods ended September 30, 2023 and 2022, weighted-average restricted stock units with an anti-dilutive effect on earnings per share not included in the calculation amounted to 1,791 and 1,070, respectively. During the first quarter of 2023, OFG increased its quarterly common stock cash dividend to $0.22 per share from $0.20 per share in the quarter ended December 31, 2022.

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