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Earnings Per Common Share
 3 Months Ended
Mar. 31, 2013
Earnings Per Common Share

Note 10 - 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 stock awards/stock units and deferred stock units, though no actual shares of common stock related to non-vested stock units and deferred stock units have been issued. Non-vested stock awards/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 the Corporation’s common stock. 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.

 

      Three Months Ended
March 31,		  
     2013      2012  

Net income

    $ 55,188       $ 61,033   

Less: Preferred stock dividends and accretion

      137         —     
  

 

 

     

 

 

  

Net income available to common shareholders

      55,051         61,033   

Less: Earnings allocated to participating securities

      197         190   
  

 

 

     

 

 

  

Net earnings allocated to common stock

    $ 54,854       $ 60,843   
  

 

 

     

 

 

  

Distributed earnings allocated to common stock

    $ 28,675       $ 28,152   

Undistributed earnings allocated to common stock

      26,179         32,691   
  

 

 

     

 

 

  

Net earnings allocated to common stock

    $ 54,854       $ 60,843   
  

 

 

     

 

 

  

Weighted-average shares outstanding for basic earnings per common share

      60,592,567         61,200,627   

Dilutive effect of stock compensation

      581,205         332,674   
  

 

 

     

 

 

  

Weighted-average shares outstanding for diluted earnings per common share

      61,173,772         61,533,301