Earnings Per Common Share

3 Months Ended

Mar. 31, 2020

Earnings per common share is computed using the two-class method as more fully described in our 2019 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,
	2020		2019
Net income	$	54,753	$	116,496
Less: Preferred stock dividends	2,016		2,016
Redemption of preferred stock	5,514		—
Net income available to common shareholders	47,223		114,480
Less: Earnings allocated to participating securities	445		980
Net earnings allocated to common stock	$	46,778	$	113,500

Distributed earnings allocated to common stock	$	44,512	$	42,238
Undistributed earnings allocated to common stock	2,266		71,262
Net earnings allocated to common stock	$	46,778	$	113,500

Weighted-average shares outstanding for basic earnings per common share	62,642,682		63,009,060
Dilutive effect of stock compensation	407,154		818,896
Weighted-average shares outstanding for diluted earnings per common share	63,049,836		63,827,956