Earnings Per Share and Stockholders' Equity

12 Months Ended

Dec. 31, 2019

Earnings Per Share and Stockholders' Equity

Earnings Per Share

The following table sets forth the computation of earnings per common share and earnings per common share - assuming dilution:



	Year Ended December 31,
	2019		2018		2017
	(Dollars in thousands, except per share data)
Numerator:
Net income - numerator for earnings per common share	$	246,090	$	458,016	$	174,645

Denominator:
Weighted average common shares outstanding	91,139,453		90,347,915		88,982,442
Effect of dilutive securities:
Stock options and deferred compensation agreements	304,196		709,433		945,612
Restricted stock and restricted stock units	338,593		365,237		382,954
Denominator for earnings per common share - assuming dilution	91,782,242		91,422,585		90,311,008

Earnings per common share	$	2.70	$	5.07	$	1.96
Earnings per common share - assuming dilution	$	2.68	$	5.01	$	1.93

There were no options to purchase shares of our common stock outstanding excluded from the computation of diluted earnings per share during the years ended December 31, 2019, 2018 and 2017, as the exercise price of all options outstanding was less than the average market price of our common shares for those periods.

Stockholders' Equity

On November 21, 2019 we issued 16,000 shares of 5.95% Fixed-Rate Reset Non-Cumulative Preferred Stock, Series A (the "preferred stock") with a $1.00 par value per share and a liquidation preference of $25,000 per share, for aggregate net proceeds of $388.9 million. We used a portion of the proceeds to redeem certain subordinated debentures. See Note 10 for more information on the redemption of our subordinated debentures.

Dividends on the preferred stock are payable on a non-cumulative basis only when, as and if declared, quarterly in arrears on the first day of March, June, September and December of each year, commencing March 1, 2020. We did not declare or pay any dividends on the preferred stock during 2019. The preferred stock ranks senior to our common stock with respect to dividends, to the extent declared, and in liquidation, to the extent of the liquidation preference. The preferred stock is not subject to any mandatory redemption, sinking fund, retirement fund, purchase fund or similar provisions.