Earnings Per Common Share

3 Months Ended

Mar. 31, 2018

Earnings per common share is computed using the two-class method as more fully described in our 2017 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,
	2018		2017
Net income	$	106,480	$	84,941
Less: Preferred stock dividends	2,016		2,016
Net income available to common shareholders	104,464		82,925
Less: Earnings allocated to participating securities	702		435
Net earnings allocated to common stock	$	103,762	$	82,490

Distributed earnings allocated to common stock	$	36,306	$	34,475
Undistributed earnings allocated to common stock	67,456		48,015
Net earnings allocated to common stock	$	103,762	$	82,490

Weighted-average shares outstanding for basic earnings per common share	63,649,198		63,738,191
Dilutive effect of stock compensation	1,012,997		999,194
Weighted-average shares outstanding for diluted earnings per common share	64,662,195		64,737,385