EARNINGS PER COMMON SHARE (TABLES)

9 Months Ended

Sep. 30, 2016

BASIC AND DILUTED EARNINGS PER COMMON SHARE

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,
	2016		2015		2016		2015

Basic earnings per common share
Net income	$	186,613	$	257,642	$	364,460	$	496,838
Less: preferred share dividends	9,969		10,022		29,906		30,066
Net income available to common shareholders	176,644		247,620		334,554		466,772
Weighted average common shares outstanding - basic⁽¹⁾	89,621		98,226		91,852		99,464
Basic earnings per common share	$	1.97	$	2.52	$	3.64	$	4.69

Diluted earnings per common share
Net income available to common shareholders	$	176,644	$	247,620	$	334,554	$	466,772

Weighted average common shares outstanding - basic⁽¹⁾	89,621		98,226		91,852		99,464
Share based compensation plans	730		898		727		1,004
Weighted average common shares outstanding - diluted⁽¹⁾	90,351		99,124		92,579		100,468

Diluted earnings per common share	$	1.96	$	2.50	$	3.61	$	4.65

Anti-dilutive shares excluded from the dilutive computation	—		—		226		219

(1)

On August 17, 2015, the Company entered into an Accelerated Share Repurchase (“ASR”) agreement (see 'Note 9 - 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 receipt of 4,149,378 common shares delivered to the Company on August 20, 2015, and 1,358,380 common shares delivered to the company on January 15, 2016 under the Company's ASR agreement.