Earnings Per Common Share

12 Months Ended

Dec. 31, 2025

Earnings Per Common Share. Earnings per common share is computed using the two-class method. Basic earnings per common share is computed by dividing net earnings allocated to common stock by the weighted-average number of common shares outstanding during the applicable period, excluding outstanding participating securities. Participating securities include non-vested restricted stock units, deferred stock units and performance stock units (during the performance period), though no actual shares of common stock related to any type of stock unit have been issued. Non-vested restricted stock units and deferred stock units are considered participating securities because holders of these securities receive non-forfeitable dividends at the same rate as holders of our common stock. Holders of performance stock units receive dividend equivalent payments for dividends paid during the performance period at the vesting date of the award based upon the number of units that ultimately vest. Diluted earnings per common share is computed using the weighted-average number of shares determined for the basic earnings per common share computation plus the dilutive effect of stock compensation using the treasury stock method.

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.


	2025		2024		2023
Net Income	$	648,557	$	582,542	$	597,973
Less: Preferred stock dividends	6,675		6,675		6,675
Net income available to common shareholders	641,882		575,867		591,298
Less: Earnings allocated to participating securities	6,409		6,236		6,283
Net earnings allocated to common stock	$	635,473	$	569,631	$	585,015

Distributed earnings allocated to common stock	$	252,823	$	239,879	$	229,749
Undistributed earnings allocated to common stock	382,650		329,752		355,266
Net earnings allocated to common stock	$	635,473	$	569,631	$	585,015

Weighted-average shares outstanding for basic earnings per common share	64,054,228		64,120,455		64,204,239
Dilutive effect of stock compensation	45,010		142,191		200,594
Weighted-average shares outstanding for diluted earnings per common share	64,099,238		64,262,646		64,404,833