Earnings Per Common Share

6 Months Ended

Jun. 30, 2014

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   June 30,				Six Months Ended   June 30,
	2014		2013		2014		2013
Net income	$	66,470	$	59,663	$	127,658	$	114,851
Less: Preferred stock dividends	2,015		2,688		4,031		2,688
Net income available to common shareholders	64,455		56,975		123,627		112,163
Less: Earnings allocated to participating securities	246		209		472		407
Net earnings allocated to common stock	$	64,209	$	56,766	$	123,155	$	111,756
Distributed earnings allocated to common stock	$	32,050	$	30,058	$	62,421	$	58,733
Undistributed earnings allocated to common stock	32,159		26,708		60,734		53,023
Net earnings allocated to common stock	$	64,209	$	56,766	$	123,155	$	111,756
Weighted-average shares outstanding for basic earnings per common share	61,551,473		60,010,527		61,128,725		60,299,939
Dilutive effect of stock compensation	915,083		664,597		902,024		628,961
Weighted-average shares outstanding for diluted earnings per common share	62,466,556		60,675,124		62,030,749		60,928,900