Earnings Per Common Share

6 Months Ended

Jun. 30, 2015

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 our 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,
	2015		2014		2015		2014
Net income	$	73,077	$	66,704	$	145,240	$	127,892
Less: Preferred stock dividends	2,015		2,015		4,031		4,031
Net income available to common shareholders	71,062		64,689		141,209		123,861
Less: Earnings allocated to participating securities	247		247		484		473
Net earnings allocated to common stock	$	70,815	$	64,442	$	140,725	$	123,388

Distributed earnings allocated to common stock	$	33,465	$	32,050	$	65,644	$	62,421
Undistributed earnings allocated to common stock	37,350		32,392		75,081		60,967
Net earnings allocated to common stock	$	70,815	$	64,442	$	140,725	$	123,388

Weighted-average shares outstanding for basic earnings per common share	63,118,785		61,551,473		63,106,656		61,128,725
Dilutive effect of stock compensation	831,938		915,083		760,331		902,024
Weighted-average shares outstanding for diluted earnings per common share	63,950,723		62,466,556		63,866,987		62,030,749