Earnings Per Common Share

9 Months Ended

Sep. 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 September 30,				Nine Months Ended September 30,
	2019		2018		2019		2018
Net income	$	111,836	$	117,844	$	339,918	$	335,665
Less: Preferred stock dividends	2,016		2,016		6,047		6,047
Net income available to common shareholders	109,820		115,828		333,871		329,618
Less: Earnings allocated to participating securities	876		750		2,761		2,178
Net earnings allocated to common stock	$	108,944	$	115,078	$	331,110	$	327,440

Distributed earnings allocated to common stock	$	44,370	$	42,811	$	131,069	$	121,907
Undistributed earnings allocated to common stock	64,574		72,267		200,041		205,533
Net earnings allocated to common stock	$	108,944	$	115,078	$	331,110	$	327,440

Weighted-average shares outstanding for basic earnings per common share	62,566,128		63,892,023		62,786,501		63,793,514
Dilutive effect of stock compensation	592,866		1,022,168		725,911		1,037,043
Weighted-average shares outstanding for diluted earnings per common share	63,158,994		64,914,191		63,512,412		64,830,557