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Earnings Per Common Share | 12 Months Ended
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Dec. 31, 2023
Earnings Per Share [Abstract] |
Earnings Per Common Share | 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.
| 2023 |  | 2022 |  | 2021
Net Income | $ | 597,973 |  |  | $ | 579,150 |  |  | $ | 443,079 |
Less: Preferred stock dividends | 6,675 |  |  | 6,675 |  |  | 7,157 |
Net income available to common shareholders | 591,298 |  |  | 572,475 |  |  | 435,922 |
Less: Earnings allocated to participating securities | 6,283 |  |  | 5,210 |  |  | 3,881 |
Net earnings allocated to common stock | $ | 585,015 |  |  | $ | 567,265 |  |  | $ | 432,041 |
Distributed earnings allocated to common stock | $ | 229,749 |  |  | $ | 207,924 |  |  | $ | 187,202 |
Undistributed earnings allocated to common stock | 355,266 |  |  | 359,341 |  |  | 244,839 |
Net earnings allocated to common stock | $ | 585,015 |  |  | $ | 567,265 |  |  | $ | 432,041 |
Weighted-average shares outstanding for basic earnings per common share | 64,204,239 |  |  | 64,156,870 |  |  | 63,612,658 |
Dilutive effect of stock compensation | 200,594 |  |  | 363,648 |  |  | 489,462 |
Weighted-average shares outstanding for diluted earnings per common share | 64,404,833 |  |  | 64,520,518 |  |  | 64,102,120 |

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