| Calculation of earnings per common share and diluted earnings per common share |
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Three Months Ended September 30 |
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Nine Months Ended September 30 |
(Dollars in millions, except per share information; shares in thousands) |
2011 |
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2010 |
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2011 |
|
2010 |
Earnings (loss) per common share |
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Net income (loss) |
$ |
6,232 |
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$ |
(7,299 |
) |
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$ |
(545 |
) |
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$ |
(994 |
) |
Preferred stock dividends |
(343 |
) |
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(348 |
) |
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(954 |
) |
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(1,036 |
) |
Net income (loss) applicable to common shareholders |
$ |
5,889 |
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$ |
(7,647 |
) |
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$ |
(1,499 |
) |
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$ |
(2,030 |
) |
Dividends and undistributed earnings allocated to participating securities |
(30 |
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(1 |
) |
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(1 |
) |
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(3 |
) |
Net income (loss) allocated to common shareholders |
$ |
5,859 |
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$ |
(7,648 |
) |
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$ |
(1,500 |
) |
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$ |
(2,033 |
) |
Average common shares issued and outstanding |
10,116,284 |
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9,976,351 |
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10,095,859 |
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9,706,951 |
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Earnings (loss) per common share |
$ |
0.58 |
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$ |
(0.77 |
) |
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$ |
(0.15 |
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$ |
(0.21 |
) |
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Diluted earnings (loss) per common share |
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Net income (loss) applicable to common shareholders |
$ |
5,922 |
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$ |
(7,647 |
) |
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$ |
(1,499 |
) |
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$ |
(2,030 |
) |
Dividends and undistributed earnings allocated to participating securities |
(29 |
) |
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(1 |
) |
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(1 |
) |
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(3 |
) |
Net income (loss) allocated to common shareholders |
$ |
5,893 |
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$ |
(7,648 |
) |
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$ |
(1,500 |
) |
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$ |
(2,033 |
) |
Average common shares issued and outstanding |
10,116,284 |
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9,976,351 |
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10,095,859 |
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9,706,951 |
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Dilutive potential common shares (1)
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348,111 |
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— |
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— |
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— |
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Total diluted average common shares issued and outstanding |
10,464,395 |
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9,976,351 |
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10,095,859 |
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9,706,951 |
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Diluted earnings (loss) per common share |
$ |
0.56 |
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$ |
(0.77 |
) |
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$ |
(0.15 |
) |
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$ |
(0.21 |
) |
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(1) |
Includes incremental shares from RSUs, restricted stock shares, stock options and warrants. |
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