Computation of Earnings per Share (Tables)

9 Months Ended

Sep. 30, 2016

Computation of Basic and Diluted Earnings Per Share

The following table presents the Company’s computation of basic and diluted EPS for the periods indicated:

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
(in thousands, except share and per share data)	2016			2015			2016			2015
Net income	$	125,299		$	114,688		$	381,668		$	357,651
Less: Dividends paid on and earnings allocated to participating securities		(973	)		(834	)		(2,928	)		(2,594	)
Earnings applicable to common stock	$	124,326		$	113,854		$	378,740		$	355,057
Weighted average common shares outstanding		485,352,998			442,707,699			485,087,197			442,475,699
Basic earnings per common share	$	0.26		$	0.26		$	0.78		$	0.80
Earnings applicable to common stock	$	124,326		$	113,854		$	378,740		$	355,057
Weighted average common shares outstanding		485,352,998			442,707,699			485,087,197			442,475,699
Potential dilutive common shares (1)		—			—			—			—
Total shares for diluted earnings per share computation		485,352,998			442,707,699			485,087,197			442,475,699
Diluted earnings per common share and common share equivalents	$	0.26		$	0.26		$	0.78		$	0.80

(1) At September 30, 2016, there were no stock options outstanding.