Earnings Per Common Share

3 Months Ended

Mar. 31, 2017

Earnings per common share is computed using the two-class method as more fully described in our 2016 Form 10-K. 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 March 31,
	2017		2016
Net income	$	84,941	$	68,816
Less: Preferred stock dividends	2,016		2,016
Net income available to common shareholders	82,925		66,800
Less: Earnings allocated to participating securities	435		235
Net earnings allocated to common stock	$	82,490	$	66,565

Distributed earnings allocated to common stock	$	34,475	$	32,822
Undistributed earnings allocated to common stock	48,015		33,743
Net earnings allocated to common stock	$	82,490	$	66,565

Weighted-average shares outstanding for basic earnings per common share	63,738,191		61,929,466
Dilutive effect of stock compensation	999,194		69,897
Weighted-average shares outstanding for diluted earnings per common share	64,737,385		61,999,363