Earnings Per Common Share

6 Months Ended

Jun. 30, 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 June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Net income	$	162,118	$	119,114	$	339,771	$	218,216
Less: Preferred stock dividends	1,669		1,669		3,338		3,338
Net income available to common shareholders	160,449		117,445		336,433		214,878
Less: Earnings allocated to participating securities	1,645		1,036		3,468		1,888
Net earnings allocated to common stock	$	158,804	$	116,409	$	332,965	$	212,990

Distributed earnings allocated to common stock	$	55,783	$	48,092	$	111,789	$	96,143
Undistributed earnings allocated to common stock	103,021		68,317		221,176		116,847
Net earnings allocated to common stock	$	158,804	$	116,409	$	332,965	$	212,990

Weighted-average shares outstanding for basic earnings per common share	64,240,789		64,112,828		64,306,809		64,082,185
Dilutive effect of stock compensation	187,172		354,401		225,267		382,395
Weighted-average shares outstanding for diluted earnings per common share	64,427,961		64,467,229		64,532,076		64,464,580