Earnings Per Common Share

3 Months Ended

Mar. 31, 2019

Earnings per common share is computed using the two-class method as more fully described in our 2018 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,
	2019		2018
Net income	$	116,496	$	106,480
Less: Preferred stock dividends	2,016		2,016
Net income available to common shareholders	114,480		104,464
Less: Earnings allocated to participating securities	980		702
Net earnings allocated to common stock	$	113,500	$	103,762

Distributed earnings allocated to common stock	$	42,238	$	36,306
Undistributed earnings allocated to common stock	71,262		67,456
Net earnings allocated to common stock	$	113,500	$	103,762

Weighted-average shares outstanding for basic earnings per common share	63,009,060		63,649,198
Dilutive effect of stock compensation	818,896		1,012,997
Weighted-average shares outstanding for diluted earnings per common share	63,827,956		64,662,195