EARNINGS PER COMMON SHARE

6 Months Ended

Jun. 30, 2016

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



	Three months ended June 30,				Six months ended June 30,
	2016		2015		2016		2015

Basic earnings per common share
Net income	$	129,460	$	73,371	$	177,846	$	239,197
Less: preferred share dividends	9,969		10,022		19,938		20,044
Net income available to common shareholders	119,491		63,349		157,908		219,153
Weighted average common shares outstanding - basic⁽¹⁾	91,926		100,274		92,980		100,093
Basic earnings per common share	$	1.30	$	0.63	$	1.70	$	2.19

Diluted earnings per common share
Net income available to common shareholders	$	119,491	$	63,349	$	157,908	$	219,153

Weighted average common shares outstanding - basic⁽¹⁾	91,926		100,274		92,980		100,093
Share based compensation plans	632		886		725		1,058
Weighted average common shares outstanding - diluted⁽¹⁾	92,558		101,160		93,705		101,151

Diluted earnings per common share	$	1.29	$	0.63	$	1.69	$	2.17

Anti-dilutive shares excluded from the dilutive computation	7		89		339		329

(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.