| Calculation of Earnings Per Common Share and Diluted Earnings Per Common Share |
The calculation of EPS and diluted EPS for 2012, 2011 and 2010 is presented below. See Note 1 – Summary of Significant Accounting Principles for additional information on the calculation of EPS.
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(Dollars in millions, except per share information; shares in thousands) |
2012 |
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2011 |
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2010 |
Earnings (loss) per common share |
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Net income (loss) |
$ |
4,188 |
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$ |
1,446 |
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$ |
(2,238 |
) |
Preferred stock dividends |
(1,428 |
) |
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(1,361 |
) |
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(1,357 |
) |
Net income (loss) applicable to common shareholders |
2,760 |
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85 |
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(3,595 |
) |
Dividends and undistributed earnings allocated to participating securities |
(2 |
) |
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(1 |
) |
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(4 |
) |
Net income (loss) allocated to common shareholders |
$ |
2,758 |
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$ |
84 |
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$ |
(3,599 |
) |
Average common shares issued and outstanding |
10,746,028 |
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10,142,625 |
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9,790,472 |
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Earnings (loss) per common share |
$ |
0.26 |
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$ |
0.01 |
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$ |
(0.37 |
) |
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Diluted earnings (loss) per common share |
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Net income (loss) applicable to common shareholders |
$ |
2,760 |
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$ |
85 |
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$ |
(3,595 |
) |
Dividends and undistributed earnings allocated to participating securities |
(2 |
) |
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(1 |
) |
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(4 |
) |
Net income (loss) allocated to common shareholders |
$ |
2,758 |
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$ |
84 |
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$ |
(3,599 |
) |
Average common shares issued and outstanding |
10,746,028 |
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10,142,625 |
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9,790,472 |
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Dilutive potential common shares (1)
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94,826 |
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112,199 |
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— |
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Total diluted average common shares issued and outstanding |
10,840,854 |
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10,254,824 |
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9,790,472 |
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Diluted earnings (loss) per common share |
$ |
0.25 |
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$ |
0.01 |
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$ |
(0.37 |
) |
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(1) |
Includes incremental shares from RSUs, restricted stock, stock options and warrants. |
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