Earnings Per Common Share

3 Months Ended

Mar. 31, 2026

Earnings per common share is computed using the two-class method as more fully described in our 2025 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,
		2026		2025
Net income		$	170,987	$	150,922
Less: Preferred stock dividends		1,669		1,669
Net income available to common shareholders		169,318		149,253
Less: Earnings allocated to participating securities		2,111		1,445
Net earnings allocated to common stock		$	167,207	$	147,808

Distributed earnings allocated to common stock		$	63,126	$	61,068
Undistributed earnings allocated to common stock		104,081		86,740
Net earnings allocated to common stock		$	167,207	$	147,808

Weighted-average shares outstanding for basic earnings per common share		63,101,492		64,255,246
Dilutive effect of stock compensation		—		73,798
Weighted-average shares outstanding for diluted earnings per common share		63,101,492		64,329,044