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Earnings Per Common Share
 3 Months Ended
Mar. 31, 2014
Earnings Per Share [Abstract]  
Earnings Per Common Share
Earnings Per Common Share
Earnings per common share is computed using the two-class method. Basic earnings per common share is computed by dividing net earnings allocated to common stock by the weighted-average number of common shares outstanding during the applicable period, excluding outstanding participating securities. Participating securities include non-vested stock awards/stock units and deferred stock units, though no actual shares of common stock related to non-vested stock units and deferred stock units have been issued. Non-vested stock awards/stock units and deferred stock units are considered participating securities because holders of these securities receive non-forfeitable dividends at the same rate as holders of the Corporation’s common stock. Diluted earnings per common share is computed using the weighted-average number of shares determined for the basic earnings per common share computation plus the dilutive effect of stock compensation using the treasury stock method.
The following table presents a reconciliation of net income available to common shareholders, net earnings allocated to common stock and the number of shares used in the calculation of basic and diluted earnings per common share.
 
Three Months Ended 
 March 31,
 
2014
 
2013
Net income
$
61,188

 
$
55,188

Less: Preferred stock dividends
2,016

 
—

Net income available to common shareholders
59,172

 
55,188

Less: Earnings allocated to participating securities
226

 
198

Net earnings allocated to common stock
$
58,946

 
$
54,990

 
 
 
 
Distributed earnings allocated to common stock
$
30,371

 
$
28,675

Undistributed earnings allocated to common stock
28,575

 
26,315

Net earnings allocated to common stock
$
58,946

 
$
54,990

 
 
 
 
Weighted-average shares outstanding for basic earnings per common share
60,701,280

 
60,592,567

Dilutive effect of stock compensation
886,260

 
581,205

Weighted-average shares outstanding for diluted earnings per common share
61,587,540

 
61,173,772