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Basis of Presentation (Tables)

3 Months Ended

Mar. 31, 2020

Accounting Policies [Abstract]

Schedule of Other Expense (Income), Net

Other expense, net consists of the following ($000’s omitted): 

	Three Months Ended
	March 31,
	2020				2019
Write-offs of deposits and pre-acquisition costs	$	(4,332	)		$	(2,917	)
Amortization of intangible assets	(4,557		)		(3,450		)
Interest income	3,807				4,949
Interest expense	(797		)		(144		)
Equity in earnings of unconsolidated entities	567				37
Miscellaneous, net	2,788				552
Total other expense, net	$	(2,524	)		$	(973	)

Schedule of Earnings Per Share

The following table presents the earnings per common share (000's omitted, except per share data):

	Three Months Ended
	March 31,
	2020				2019
Numerator:
Net income	$	203,711			$	166,757
Less: earnings distributed to participating securities	(273		)		(308		)
Less: undistributed earnings allocated to participating securities	(1,537		)		(1,410		)
Numerator for basic earnings per share	$	201,901			$	165,039
Add back: undistributed earnings allocated to participating securities	1,537				1,410
Less: undistributed earnings reallocated to participating securities	(1,530		)		(1,407		)
Numerator for diluted earnings per share	$	201,908			$	165,042
Denominator:
Basic shares outstanding	270,000				277,637
Effect of dilutive securities	1,218				1,003
Diluted shares outstanding	271,218				278,640
Earnings per share:
Basic	$	0.75			$	0.59
Diluted	$	0.74			$	0.59

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value

The fair values of derivative instruments and their locations in the Condensed Consolidated Balance Sheets are summarized below ($000’s omitted):

 

	March 31, 2020								December 31, 2019
	Other Assets				Accrued and Other Liabilities				Other Assets				Accrued and Other Liabilities
Interest rate lock commitments	$	13,810			$	180			$	8,351			$	149
Forward contracts	3,148				15,579				299				1,372
Whole loan commitments	685				202				880				284
	$	17,643			$	15,961			$	9,530			$	1,805

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