The following table summarizes the calculation of basic and diluted earnings per common share:


	Three months ended June 30,				Six months ended June 30,
(In thousands, except per share data)	2026		2025		2026		2025
Net income	$	256,789	$	258,848	$	503,020	$	485,765
Less: Preferred stock dividends	4,162		4,162		8,325		8,325

Income allocated to participating securities	3,185		2,991		5,974		5,361
Net income applicable to common stockholders	$	249,442	$	251,695	$	488,721	$	472,079

Weighted-average common shares outstanding - basic	159,989		165,884		159,763		167,524
Add: Effect of dilutive stock options and restricted stock	194		247		254		329
Weighted-average common shares - diluted	160,183		166,131		160,017		167,853

Earnings per common share - basic	$	1.56	$	1.52	$	3.06	$	2.82
Earnings per common share - diluted	1.56		1.52		3.05		2.81

Earnings per common share is calculated under the two-class method in which all earnings, distributed and undistributed, are allocated to common stock and participating securities based on their respective rights to receive dividends. The Company may provide for the grant of stock options, stock appreciation rights, restricted stock, performance-based stock, and stock units to eligible employees and directors under its stock incentive plan. Holders of restricted stock are entitled to receive non-forfeitable dividends during the vesting period on a basis equivalent to the dividends paid to holders of common stock. These unvested awards meet the definition of participating securities.

Potential common shares from performance-based restricted stock that were not included in the computation of diluted earnings per common share because they were anti-dilutive under the treasury stock method were zero for the three and six months ended June 30, 2026, and 147,168 and zero for the three and six months ended June 30, 2025, respectively. Additional information regarding the issuance of stock awards under the Company’s stock incentive plan can be found within Note 19: Stock-Based Compensation Plans in the Notes to Consolidated Financial Statements contained in Part II - Item 8. Financial Statements and Supplementary Data of the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.