Earnings Per Common Share

6 Months Ended

Jun. 30, 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 June 30,						Six Months Ended June 30,
	2020		2019		2020		2019
Net income	$	93,072	$	111,586	$	147,825	$	228,082
Less: Preferred stock dividends	—		2,015		2,016		4,031
Redemption of preferred stock	—		—		5,514		—
Net income available to common shareholders	93,072		109,571		140,295		224,051
Less: Earnings allocated to participating securities	868		906		1,335		1,886
Net earnings allocated to common stock	$	92,204	$	108,665	$	138,960	$	222,165

Distributed earnings allocated to common stock	$	44,453	$	44,461	$	88,965	$	86,699
Undistributed earnings allocated to common stock	47,751		64,204		49,995		135,466
Net earnings allocated to common stock	$	92,204	$	108,665	$	138,960	$	222,165

Weighted-average shares outstanding for basic earnings per common share	62,596,171		62,789,182		62,619,427		62,898,514
Dilutive effect of stock compensation	204,848		764,916		300,667		791,513
Weighted-average shares outstanding for diluted earnings per common share	62,801,019		63,554,098		62,920,094		63,690,027