Earnings Per Common Share

6 Months Ended

Jun. 30, 2013

Earnings Per Share [Abstract]

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 June 30,				Six Months Ended June 30,
	2013		2012		2013		2012
Net income	$	59,663	$	58,062	$	114,851	$	119,095
Less: Preferred stock dividends		2,688		—		2,688		—
Net income available to common shareholders		56,975		58,062		112,163		119,095
Less: Earnings allocated to participating securities		209		185		407		376
Net earnings allocated to common stock	$	56,766	$	57,877	$	111,756	$	118,719
Distributed earnings allocated to common stock	$	30,058	$	29,424	$	58,733	$	57,575
Undistributed earnings allocated to common stock		26,708		28,453		53,023		61,144
Net earnings allocated to common stock	$	56,766	$	57,877	$	111,756	$	118,719
Weighted-average shares outstanding for basic earnings per common share		60,010,527		61,290,792		60,299,939		61,245,959
Dilutive effect of stock compensation		664,597		344,044		628,961		338,732
Weighted-average shares outstanding for diluted earnings per common share		60,675,124		61,634,836		60,928,900		61,584,691