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, deferred stock units and performance stock units (during the performance period), though no actual shares of common stock related to any type of stock unit 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. Holders of performance stock units receive dividend equivalent payments for dividends paid during the performance period at the vesting date of the award based upon the number of units that ultimately vest. 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.



	2018		2017		2016
Net Income	$	454,918	$	364,149	$	304,261
Less: Preferred stock dividends	8,063		8,063		8,063
Net income available to common shareholders	446,855		356,086		296,198
Less: Earnings allocated to participating securities	3,169		2,016		1,145
Net earnings allocated to common stock	$	443,686	$	354,070	$	295,053

Distributed earnings allocated to common stock	$	164,268	$	143,356	$	134,374
Undistributed earnings allocated to common stock	279,418		210,714		160,679
Net earnings allocated to common stock	$	443,686	$	354,070	$	295,053

Weighted-average shares outstanding for basic earnings per common share	63,704,508		63,693,927		62,376,260
Dilutive effect of stock compensation	982,208		968,161		592,615
Weighted-average shares outstanding for diluted earnings per common share	64,686,716		64,662,088		62,968,875