| Calculation of earnings per common share and diluted earnings per common share |
The calculation of earnings per common share (EPS) and diluted EPS for the three and six months ended June 30, 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 June 30 |
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Six Months Ended June 30 |
(Dollars in millions, except per share information; shares in thousands) |
2013 |
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2012 |
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2013 |
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2012 |
Earnings per common share |
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Net income |
$ |
4,012 |
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$ |
2,463 |
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$ |
5,495 |
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$ |
3,116 |
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Preferred stock dividends |
(441 |
) |
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(365 |
) |
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(814 |
) |
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(690 |
) |
Net income applicable to common shareholders |
$ |
3,571 |
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$ |
2,098 |
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$ |
4,681 |
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$ |
2,426 |
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Dividends and undistributed earnings allocated to participating securities |
(1 |
) |
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(1 |
) |
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(1 |
) |
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(2 |
) |
Net income allocated to common shareholders |
$ |
3,570 |
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$ |
2,097 |
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$ |
4,680 |
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$ |
2,424 |
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Average common shares issued and outstanding |
10,775,867 |
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10,775,695 |
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10,787,357 |
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10,714,881 |
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Earnings per common share |
$ |
0.33 |
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$ |
0.19 |
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$ |
0.43 |
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$ |
0.23 |
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Diluted earnings per common share |
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Net income applicable to common shareholders |
$ |
3,571 |
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$ |
2,098 |
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$ |
4,681 |
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$ |
2,426 |
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Add preferred stock dividends due to assumed conversions |
75 |
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75 |
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150 |
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150 |
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Dividends and undistributed earnings allocated to participating securities |
(1 |
) |
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(1 |
) |
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(1 |
) |
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(2 |
) |
Net income allocated to common shareholders |
$ |
3,645 |
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$ |
2,172 |
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$ |
4,830 |
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$ |
2,574 |
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Average common shares issued and outstanding |
10,775,867 |
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10,775,695 |
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10,787,357 |
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10,714,881 |
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Dilutive potential common shares (1)
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748,643 |
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780,316 |
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762,336 |
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795,064 |
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Total diluted average common shares issued and outstanding |
11,524,510 |
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11,556,011 |
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11,549,693 |
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11,509,945 |
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Diluted earnings per common share |
$ |
0.32 |
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$ |
0.19 |
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$ |
0.42 |
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$ |
0.22 |
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(1) |
Includes incremental shares from restricted stock units, restricted stock, stock options and warrants |
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