Earnings Per Common Share

12 Months Ended

Dec. 31, 2014

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.

	2014		2013		2012
Net Income	$	277,977	$	237,866	$	237,952
Less: Preferred stock dividends	8,063		6,719		—
Net income available to common shareholders	269,914		231,147		237,952
Less: Earnings allocated to participating securities	1,001		850		773
Net earnings allocated to common stock	$	268,913	$	230,297	$	237,179
Distributed earnings allocated to common stock	$	126,709	$	119,177	$	116,472
Undistributed earnings allocated to common stock	142,204		111,120		120,707
Net earnings allocated to common stock	$	268,913	$	230,297	$	237,179
Weighted-average shares outstanding for basic earnings per common share	62,072,080		60,350,552		61,298,041
Dilutive effect of stock compensation	901,448		765,858		345,341
Weighted-average shares outstanding for diluted earnings per common share	62,973,528		61,116,410		61,643,382