XML 46 R31.htm IDEA: XBRL DOCUMENT v3.24.0.1
EARNINGS PER COMMON SHARE
 12 Months Ended
Dec. 31, 2023
Earnings Per Share [Abstract]  
EARNINGS PER COMMON SHARE EARNINGS PER COMMON SHARE
The calculation of earnings per common share for 2023, 2022 and 2021 is as follows:
Year Ended December 31,
202320222021
(In thousands, except per share data)
Net income$181,872 $166,239 $146,151 
Less: Dividends on preferred stock
Non-convertible preferred stock (Series A, B, and D)— — (1,255)
Income available to common shareholders$181,872 $166,239 $144,896 
Average common shares outstanding47,258 48,033 50,956 
Effect of dilutive securities:
Average potential common shares-options294 403 414 
Total weighted average common shares outstanding and equivalents47,552 48,436 51,370 
Earnings per common share - basic$3.85 $3.46 $2.85 
Earnings per common share - diluted$3.83 $3.44 $2.81 

For 2023, 2022 and 2021 weighted-average restricted stock units with an anti-dilutive effect on earnings per share not included in the calculation amounted to 8,695, 1,279 and 3,175, respectively.
During 2023, OFG increased its quarterly common stock cash dividend to $0.22 per share from $0.20 per share at December 31, 2022.