Earnings Per Common Share

9 Months Ended

Sep. 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 September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Net income	$	155,651	$	169,760	$	495,422	$	387,976
Less: Preferred stock dividends	1,668		1,668		5,006		5,006
Net income available to common shareholders	153,983		168,092		490,416		382,970
Less: Earnings allocated to participating securities	1,533		1,503		5,016		3,414
Net earnings allocated to common stock	$	152,450	$	166,589	$	485,400	$	379,556

Distributed earnings allocated to common stock	$	58,913	$	55,820	$	170,702	$	151,963
Undistributed earnings allocated to common stock	93,537		110,769		314,698		227,593
Net earnings allocated to common stock	$	152,450	$	166,589	$	485,400	$	379,556

Weighted-average shares outstanding for basic earnings per common share	64,067,352		64,157,662		64,226,113		64,107,621
Dilutive effect of stock compensation	171,892		343,750		208,187		369,268
Weighted-average shares outstanding for diluted earnings per common share	64,239,244		64,501,412		64,434,300		64,476,889