Earnings Per Common Share

12 Months Ended

Dec. 31, 2013

Earnings Per Share [Abstract]

Earnings Per Common Share

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.

	2013		2012		2011
Net Income	$	237,866	$	237,952	$	217,535
Less: Preferred stock dividends	6,719		—		—
Net income available to common shareholders	231,147		237,952		217,535
Less: Earnings allocated to participating securities	850		773		728
Net earnings allocated to common stock	$	230,297	$	237,179	$	216,807
Distributed earnings allocated to common stock	$	119,177	$	116,472	$	111,827
Undistributed earnings allocated to common stock	111,120		120,707		104,980
Net earnings allocated to common stock	$	230,297	$	237,179	$	216,807
Weighted-average shares outstanding for basic earnings per common share	60,350,552		61,298,041		61,101,072
Dilutive effect of stock compensation	765,858		345,341		176,697
Weighted-average shares outstanding for diluted earnings per common share	61,116,410		61,643,382		61,277,769