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Earnings Per Common Share
 12 Months Ended
Dec. 31, 2024
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 restricted 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 restricted 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.
202420232022
Net Income$582,542 $597,973 $579,150 
Less: Preferred stock dividends6,675 6,675 6,675 
Net income available to common shareholders575,867 591,298 572,475 
Less: Earnings allocated to participating securities6,236 6,283 5,210 
Net earnings allocated to common stock$569,631 $585,015 $567,265 
Distributed earnings allocated to common stock$239,879 $229,749 $207,924 
Undistributed earnings allocated to common stock329,752 355,266 359,341 
Net earnings allocated to common stock$569,631 $585,015 $567,265 
Weighted-average shares outstanding for basic earnings per common share
64,120,455 64,204,239 64,156,870 
Dilutive effect of stock compensation142,191 200,594 363,648 
Weighted-average shares outstanding for diluted earnings per common share
64,262,646 64,404,833 64,520,518