Earnings Per Common Share

9 Months Ended

Sep. 30, 2021

Earnings per common share is computed using the two-class method as more fully described in our 2020 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,
	2021		2020		2021		2020
Net income	$	107,975	$	95,056	$	342,058	$	242,881
Less: Preferred stock dividends	1,668		—		5,488		2,016
Redemption of preferred stock	—		—		—		5,514
Net income available to common shareholders	106,307		95,056		336,570		235,351
Less: Earnings allocated to participating securities	932		877		3,228		2,236
Net earnings allocated to common stock	$	105,375	$	94,179	$	333,342	$	233,115

Distributed earnings allocated to common stock	$	47,740	$	44,546	$	139,224	$	133,511
Undistributed earnings allocated to common stock	57,635		49,633		194,118		99,604
Net earnings allocated to common stock	$	105,375	$	94,179	$	333,342	$	233,115

Weighted-average shares outstanding for basic earnings per common share	63,652,020		62,726,542		63,522,884		62,655,393
Dilutive effect of stock compensation	444,636		193,116		489,219		263,028
Weighted-average shares outstanding for diluted earnings per common share	64,096,656		62,919,658		64,012,103		62,918,421