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Earnings Per Common Share | 6 Months Ended
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Jun. 30, 2024
Earnings Per Share [Abstract] |
Earnings Per Common Share | Earnings Per Common Share Earnings per common share is computed using the two-class method as more fully described in our 2023 Form 10-K. 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 June 30, |  | Six Months Ended June 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Net income | $ | 145,499 |  |  | $ | 162,118 |  |  | $ | 281,189 |  |  | $ | 339,771 |
Less: Preferred stock dividends | 1,669 |  |  | 1,669 |  |  | 3,338 |  |  | 3,338 |
Net income available to common shareholders | 143,830 |  |  | 160,449 |  |  | 277,851 |  |  | 336,433 |
Less: Earnings allocated to participating securities | 1,693 |  |  | 1,645 |  |  | 3,334 |  |  | 3,468 |
Net earnings allocated to common stock | $ | 142,137 |  |  | $ | 158,804 |  |  | $ | 274,517 |  |  | $ | 332,965 |
Distributed earnings allocated to common stock | $ | 59,108 |  |  | $ | 55,783 |  |  | $ | 118,188 |  |  | $ | 111,789 |
Undistributed earnings allocated to common stock | 83,029 |  |  | 103,021 |  |  | 156,329 |  |  | 221,176 |
Net earnings allocated to common stock | $ | 142,137 |  |  | $ | 158,804 |  |  | $ | 274,517 |  |  | $ | 332,965 |
Weighted-average shares outstanding for basic earnings per common share | 64,192,907 |  |  | 64,240,789 |  |  | 64,204,615 |  |  | 64,306,809 |
Dilutive effect of stock compensation | 140,280 |  |  | 187,172 |  |  | 147,693 |  |  | 225,267 |
Weighted-average shares outstanding for diluted earnings per common share | 64,333,187 |  |  | 64,427,961 |  |  | 64,352,308 |  |  | 64,532,076 |

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