Earnings Per Common Share

9 Months Ended

Sep. 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   September 30,				Nine Months Ended   September 30,
	2014		2013		2014		2013
Net income	$	77,615	$	60,444	$	205,273	$	175,295
Less: Preferred stock dividends	2,016		2,015		6,047		4,703
Net income available to common shareholders	75,599		58,429		199,226		170,592
Less: Earnings allocated to participating securities	286		214		758		621
Net earnings allocated to common stock	$	75,313	$	58,215	$	198,468	$	169,971
Distributed earnings allocated to common stock	$	32,113	$	30,202	$	94,534	$	88,935
Undistributed earnings allocated to common stock	43,200		28,013		103,934		81,036
Net earnings allocated to common stock	$	75,313	$	58,215	$	198,468	$	169,971
Weighted-average shares outstanding for basic earnings per common share	62,939,149		60,339,509		61,738,831		60,313,274
Dilutive effect of stock compensation	933,479		866,616		913,774		724,039
Weighted-average shares outstanding for diluted earnings per common share	63,872,628		61,206,125		62,652,605		61,037,313