Earnings Per Common Share

3 Months Ended

Mar. 31, 2023

Earnings per common share is computed using the two-class method as more fully described in our 2022 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,
		2023		2022
Net income		$	177,653	$	99,102
Less: Preferred stock dividends		1,669		1,669
Net income available to common shareholders		175,984		97,433
Less: Earnings allocated to participating securities		1,807		849
Net earnings allocated to common stock		$	174,177	$	96,584

Distributed earnings allocated to common stock		$	56,006	$	48,051
Undistributed earnings allocated to common stock		118,171		48,533
Net earnings allocated to common stock		$	174,177	$	96,584

Weighted-average shares outstanding for basic earnings per common share		64,373,563		64,051,202
Dilutive effect of stock compensation		258,513		409,705
Weighted-average shares outstanding for diluted earnings per common share		64,632,076		64,460,907