Earnings Per Common Share

6 Months Ended

Jun. 30, 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 June 30,				Six Months Ended June 30,
	2019		2018		2019		2018
Net income	$	111,586	$	111,341	$	228,082	$	217,821
Less: Preferred stock dividends	2,015		2,015		4,031		4,031
Net income available to common shareholders	109,571		109,326		224,051		213,790
Less: Earnings allocated to participating securities	906		726		1,886		1,431
Net earnings allocated to common stock	$	108,665	$	108,600	$	222,165	$	212,359

Distributed earnings allocated to common stock	$	44,461	$	42,791	$	86,699	$	79,096
Undistributed earnings allocated to common stock	64,204		65,809		135,466		133,263
Net earnings allocated to common stock	$	108,665	$	108,600	$	222,165	$	212,359

Weighted-average shares outstanding for basic earnings per common share	62,789,182		63,836,651		62,898,514		63,743,442
Dilutive effect of stock compensation	764,916		1,062,637		791,513		1,043,712
Weighted-average shares outstanding for diluted earnings per common share	63,554,098		64,899,288		63,690,027		64,787,154