The calculation of earnings per common share (EPS) and diluted EPS for the three months ended March 31, 2012 and 2011 is presented below. See Note 1 – Summary of Significant Accounting Principles to the Consolidated Financial Statements of the Corporation's 2011 Annual Report on Form 10-K for additional information on the calculation of EPS.
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Three Months Ended March 31 |
(Dollars in millions, except per share information; shares in thousands) |
2012 |
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2011 |
Earnings per common share |
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Net income |
$ |
653 |
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$ |
2,049 |
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Preferred stock dividends |
(325 |
) |
|
(310 |
) |
Net income applicable to common shareholders |
$ |
328 |
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$ |
1,739 |
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Dividends and undistributed earnings allocated to participating securities |
(1 |
) |
|
(14 |
) |
Net income allocated to common shareholders |
$ |
327 |
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$ |
1,725 |
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Average common shares issued and outstanding |
10,651,367 |
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|
10,075,875 |
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Earnings per common share |
$ |
0.03 |
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$ |
0.17 |
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Diluted earnings per common share |
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Net income applicable to common shareholders |
$ |
328 |
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$ |
1,739 |
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Dividends and undistributed earnings allocated to participating securities |
(1 |
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(14 |
) |
Net income allocated to common shareholders |
$ |
327 |
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$ |
1,725 |
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Average common shares issued and outstanding |
10,651,367 |
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10,075,875 |
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Dilutive potential common shares (1)
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110,550 |
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105,476 |
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Total diluted average common shares issued and outstanding |
10,761,917 |
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10,181,351 |
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Diluted earnings per common share |
$ |
0.03 |
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$ |
0.17 |
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(1) |
Includes incremental shares from RSUs, restricted stock shares, stock options and warrants. |
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