The calculation of earnings per common share (EPS) and diluted EPS for the three months ended March 31, 2013 and 2012 is presented below. See Note 1 – Summary of Significant Accounting Principles to the Consolidated Financial Statements of the Corporation's 2012 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) |
2013 |
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2012 |
Earnings per common share |
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Net income |
$ |
1,483 |
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$ |
653 |
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Preferred stock dividends |
(373 |
) |
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(325 |
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Net income applicable to common shareholders |
1,110 |
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328 |
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Dividends and undistributed earnings allocated to participating securities |
— |
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(1 |
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Net income allocated to common shareholders |
$ |
1,110 |
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$ |
327 |
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Average common shares issued and outstanding |
10,798,975 |
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10,651,367 |
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Earnings per common share |
$ |
0.10 |
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$ |
0.03 |
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Diluted earnings per common share |
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Net income applicable to common shareholders |
$ |
1,110 |
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$ |
328 |
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Dividends and undistributed earnings allocated to participating securities |
— |
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(1 |
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Net income allocated to common shareholders |
$ |
1,110 |
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$ |
327 |
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Average common shares issued and outstanding |
10,798,975 |
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10,651,367 |
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Dilutive potential common shares (1)
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355,803 |
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110,550 |
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Total diluted average common shares issued and outstanding |
11,154,778 |
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10,761,917 |
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Diluted earnings per common share |
$ |
0.10 |
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$ |
0.03 |
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(1) |
Includes incremental shares from restricted stock units, restricted stock, stock options and warrants |
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