Earnings Per Common Share

12 Months Ended

Dec. 31, 2015

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 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.



	2015		2014		2013
Net Income	$	279,328	$	277,977	$	237,866
Less: Preferred stock dividends	8,063		8,063		6,719
Net income available to common shareholders	271,265		269,914		231,147
Less: Earnings allocated to participating securities	941		1,001		850
Net earnings allocated to common stock	$	270,324	$	268,913	$	230,297

Distributed earnings allocated to common stock	$	131,702	$	126,709	$	119,177
Undistributed earnings allocated to common stock	138,622		142,204		111,120
Net earnings allocated to common stock	$	270,324	$	268,913	$	230,297

Weighted-average shares outstanding for basic earnings per common share	62,758,074		62,072,080		60,350,552
Dilutive effect of stock compensation	715,250		901,448		765,858
Weighted-average shares outstanding for diluted earnings per common share	63,473,324		62,973,528		61,116,410