Earnings Per Common Share

9 Months Ended

Sep. 30, 2013

Earnings Per Share [Abstract]

Earnings Per Common Share

Earnings Per Common Share

Earnings per common share is computed using the two-class method. Basic earnings per common share is computed by dividing net earnings allocated to common stock by the weighted-average number of common shares outstanding during the applicable period, excluding outstanding participating securities. Participating securities include non-vested stock awards/stock units and deferred stock units, though no actual shares of common stock related to non-vested stock units and deferred stock units have been issued. Non-vested stock awards/stock units and deferred stock units are considered participating securities because holders of these securities receive non-forfeitable dividends at the same rate as holders of the Corporation’s common stock. Diluted earnings per common share is computed using the weighted-average number of shares determined for the basic earnings per common share computation plus the dilutive effect of stock compensation using the treasury stock method.

The following table presents a reconciliation of net income available to common shareholders, net earnings allocated to common stock and the number of shares used in the calculation of basic and diluted earnings per common share.

	Three Months Ended   September 30,				Nine Months Ended   September 30,
	2013		2012		2013		2012
Net income	$	60,444	$	58,669	$	175,295	$	177,764
Less: Preferred stock dividends	2,015		—		4,703		—
Net income available to common shareholders	58,429		58,669		170,592		177,764
Less: Earnings allocated to participating securities	214		188		621		564
Net earnings allocated to common stock	$	58,215	$	58,481	$	169,971	$	177,200
Distributed earnings allocated to common stock	$	30,202	$	29,430	$	88,935	$	87,005
Undistributed earnings allocated to common stock	28,013		29,051		81,036		90,195
Net earnings allocated to common stock	$	58,215	$	58,481	$	169,971	$	177,200
Weighted-average shares outstanding for basic earnings per common share	60,339,509		61,316,854		60,313,274		61,269,850
Dilutive effect of stock compensation	866,616		369,596		724,039		347,204
Weighted-average shares outstanding for diluted earnings per common share	61,206,125		61,686,450		61,037,313		61,617,054