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Earnings Per Common Share and Stockholders' Equity | 9 Months Ended
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Sep. 30, 2020
Earnings Per Share [Abstract] |
Earnings Per Common Share and Stockholders' Equity | Earnings Per Common Share and Stockholders' Equity Earnings Per Common Share The following table sets forth the computation of earnings per common share and earnings per common share - assuming dilution:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2020 |  | 2019 |  | 2020 |  | 2019
| (Dollars in thousands, except per share data)
Numerator: |  |  |  |  |  |  |
Net income available to common stockholders - numerator for earnings per common share | $ | 661,250 |  |  | $ | 37,360 |  |  | $ | 644,207 |  |  | $ | 25,940 |
Denominator: |  |  |  |  |  |  |
Weighted average common shares outstanding | 91,861,167 |  |  | 91,251,590 |  |  | 91,769,932 |  |  | 91,080,681 |
Effect of dilutive securities: |  |  |  |  |  |  |
Stock options and deferred compensation agreements | 55,926 |  |  | 190,137 |  |  | 85,493 |  |  | 326,306 |
Restricted stock and restricted stock units | 246,179 |  |  | 268,830 |  |  | 215,310 |  |  | 340,875 |
Denominator for earnings per common share - assuming dilution | 92,163,272 |  |  | 91,710,557 |  |  | 92,070,735 |  |  | 91,747,862 |
Earnings per common share | $ | 7.20 |  |  | $ | 0.41 |  |  | $ | 7.02 |  |  | $ | 0.28 |
Earnings per common share - assuming dilution | $ | 7.17 |  |  | $ | 0.41 |  |  | $ | 7.00 |  |  | $ | 0.28 |
During the three months ended September 30, 2020, there were 522,671 options to purchase shares of our common stock outstanding, with an exercise price of $24.71 - $26.70, excluded from the computation of diluted loss per common share. During the nine months ended September 30, 2020, there were 50,000 options to purchase shares of our common stock outstanding, with an exercise price of $26.70, excluded from the computation of diluted loss per common share. During the three months ended September 30, 2019, there were 551,585 options to purchase shares of our common stock outstanding, with an exercise price of $24.79, excluded from the computation of diluted earnings per share. There were no options to purchase shares of our common stock outstanding excluded from the computation of diluted earnings per common share during the nine months ended September 30, 2019, 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 June 10, 2020, we issued 12,000 shares of 6.625% Fixed-Rate Reset Non-Cumulative Preferred Stock, Series B ("Series B") with a $1.00 par value per share and a liquidation preference of $25,000 per share, for aggregate net proceeds of $290.3 million. On November 21, 2019 we issued 16,000 shares of 5.95% Fixed-Rate Reset Non-Cumulative Preferred Stock, Series A ("Series A") 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 all of our floating rate subordinated debentures. Dividends on the Series A and Series B 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 on March 1, 2020 for Series A and on December 1, 2020 for Series B. On March 1, June 1, and September 1, 2020, we paid dividends totaling $6.6 million, $6.0 million and $5.9 million, respectively, on the Series A preferred stock. The Series A and Series B preferred stock rank senior to our common stock with respect to dividends, to the extent declared, and in liquidation, to the extent of the liquidation preference. The Series A and Series B preferred stock are not subject to any mandatory redemption, sinking fund, retirement fund, purchase fund or similar provisions.

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- Definition The entire disclosure for earnings per share. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -URI http://asc.fasb.org/topic&trid=2144383 + Details
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