Net Earnings Per Common Share

12 Months Ended

Dec. 31, 2016

NET EARNINGS PER COMMON SHARE

Basic and diluted net earnings per common share based on the weighted average outstanding shares are summarized as follows:



(In thousands, except per share amounts)	2016		2015		2014
Basic:
Net income	$	469,050	$	309,471	$	398,462
Less common and preferred dividends	115,418		107,990		103,111
Undistributed earnings	353,632		201,481		295,351
Less undistributed earnings applicable to nonvested shares	3,802		1,836		2,933
Undistributed earnings applicable to common shares	349,830		199,645		292,418
Distributed earnings applicable to common shares	57,180		44,816		30,983
Total earnings applicable to common shares	$	407,010	$	244,461	$	323,401
Weighted average common shares outstanding	203,855		203,265		192,207
Net earnings per common share	$	2.00	$	1.20	$	1.68
Diluted:
Total earnings applicable to common shares	$	407,010	$	244,461	$	323,401
Weighted average common shares outstanding	203,855		203,265		192,207
Additional weighted average dilutive shares	414		433		582
Weighted average diluted common shares outstanding	204,269		203,698		192,789
Net earnings per common share	$	1.99	$	1.20	$	1.68

For 2016, preferred dividends were increased by a preferred stock redemption of $10 million that resulted from the partial redemption of the Company’s Series I, J, and G preferred stock. See further discussion in Note 13.