Earnings Per Common Share

9 Months Ended

Sep. 30, 2015

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 our 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 September 30,				Nine Months Ended September 30,
	2015		2014		2015		2014
Net income	$	75,850	$	77,381	$	221,090	$	205,273
Less: Preferred stock dividends	2,016		2,016		6,047		6,047
Net income available to common shareholders	73,834		75,365		215,043		199,226
Less: Earnings allocated to participating securities	260		285		744		758
Net earnings allocated to common stock	$	73,574	$	75,080	$	214,299	$	198,468

Distributed earnings allocated to common stock	$	33,030	$	32,113	$	98,674	$	94,534
Undistributed earnings allocated to common stock	40,544		42,967		115,625		103,934
Net earnings allocated to common stock	$	73,574	$	75,080	$	214,299	$	198,468

Weighted-average shares outstanding for basic earnings per common share	62,628,725		62,939,149		62,945,595		61,738,831
Dilutive effect of stock compensation	690,041		933,479		736,197		913,774
Weighted-average shares outstanding for diluted earnings per common share	63,318,766		63,872,628		63,681,792		62,652,605