EARNINGS PER COMMON SHARE

6 Months Ended

Jun. 30, 2017

The following table presents a comparison of basic and diluted earnings per common share:



	Three months ended June 30,				Six months ended June 30,
	2017		2016		2017		2016

Basic earnings per common share
Net income	$	95,686	$	129,460	$	115,542	$	177,846
Less: preferred share dividends	10,656		9,969		25,497		19,938
Net income available to common shareholders	85,030		119,491		90,045		157,908
Weighted average common shares outstanding - basic ⁽¹⁾	84,141		91,926		85,076		92,980
Basic earnings per common share	$	1.01	$	1.30	$	1.06	$	1.70

Diluted earnings per common share
Net income available to common shareholders	$	85,030	$	119,491	$	90,045	$	157,908

Weighted average common shares outstanding - basic ⁽¹⁾	84,141		91,926		85,076		92,980
Share-based compensation plans	370		632		571		725
Weighted average common shares outstanding - diluted ⁽¹⁾	84,511		92,558		85,647		93,705

Diluted earnings per common share	$	1.01	$	1.29	$	1.05	$	1.69

Anti-dilutive shares excluded from the dilutive computation	16		7		284		339

(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 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.