EARNINGS PER COMMON SHARE

9 Months Ended

Sep. 30, 2015

The following table sets forth the comparison of basic and diluted earnings per common share:



	Three months ended September 30,					Nine months ended September 30,
	2015		2014			2015		2014

Basic earnings per common share
Net income	$	257,642	$	282,966		$	496,838	$	633,693
Less: Amounts attributable from noncontrolling interests	—		(6,160		)	—		(3,365		)
Less: preferred share dividends	10,022		10,022			30,066		30,066
Net income available to common shareholders	247,620		279,104			466,772		606,992
Weighted average common shares outstanding - basic⁽¹⁾	98,226		102,945			99,464		105,683
Basic earnings per common share	$	2.52	$	2.71		$	4.69	$	5.74

Diluted earnings per common share
Net income available to common shareholders	$	247,620	$	279,104		$	466,772	$	606,992

Weighted average common shares outstanding - basic⁽¹⁾	98,226		102,945			99,464		105,683
Stock compensation plans	898		1,302			1,004		1,270
Weighted average common shares outstanding - diluted⁽¹⁾	99,124		104,247			100,468		106,953

Diluted earnings per common share	$	2.50	$	2.68		$	4.65	$	5.68

Anti-dilutive shares excluded from the dilutive computation	—		3			219		376

(1)

On August 17, 2015, the Company entered into an Accelerated Share Repurchase (“ASR”) agreement (see 'Note 10 - Shareholders' Equity' for additional detail). The weighted-average number of shares outstanding used in the computation of basic and diluted earnings per share reflects the Company’s initial receipt of 4,149,378 shares pursuant to the ASR program for the three and nine months ended September 30, 2015. The weighted-average number of shares outstanding used in the computation of basic and diluted earnings per share does not include additional shares, if any, the Company may receive upon final settlement of the ASR program.