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, 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 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 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.


	2022		2021		2020
Net Income	$	579,150	$	443,079	$	331,151
Less: Preferred stock dividends	6,675		7,157		2,016
Redemption of preferred stock	—		—		5,514
Net income available to common shareholders	572,475		435,922		323,621
Less: Earnings allocated to participating securities	5,210		3,881		3,136
Net earnings allocated to common stock	$	567,265	$	432,041	$	320,485

Distributed earnings allocated to common stock	$	207,924	$	187,202	$	178,863
Undistributed earnings allocated to common stock	359,341		244,839		141,622
Net earnings allocated to common stock	$	567,265	$	432,041	$	320,485

Weighted-average shares outstanding for basic earnings per common share	64,156,870		63,612,658		62,727,053
Dilutive effect of stock compensation	363,648		489,462		276,784
Weighted-average shares outstanding for diluted earnings per common share	64,520,518		64,102,120		63,003,837