| 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 nine months ended September 30, 2017 and 2016 is presented below. For more information on the calculation of EPS, see Note 1 – Summary of Significant Accounting Principles to the Consolidated Financial Statements of the Corporation's 2016 Annual Report on Form 10-K.
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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) |
2017 |
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2016 |
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2017 |
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2016 |
Earnings per common share |
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Net income |
$ |
5,587 |
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$ |
4,955 |
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$ |
15,712 |
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$ |
13,210 |
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Preferred stock dividends |
(465 |
) |
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(503 |
) |
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(1,328 |
) |
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(1,321 |
) |
Net income applicable to common shareholders |
$ |
5,122 |
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$ |
4,452 |
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$ |
14,384 |
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$ |
11,889 |
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Average common shares issued and outstanding |
10,197,891 |
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10,250,124 |
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10,103,386 |
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10,312,878 |
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Earnings per common share |
$ |
0.50 |
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$ |
0.43 |
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$ |
1.42 |
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$ |
1.15 |
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Diluted earnings per common share |
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Net income applicable to common shareholders |
$ |
5,122 |
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$ |
4,452 |
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$ |
14,384 |
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$ |
11,889 |
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Add preferred stock dividends due to assumed conversions (1)
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36 |
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75 |
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186 |
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225 |
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Net income allocated to common shareholders |
$ |
5,158 |
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$ |
4,527 |
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$ |
14,570 |
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$ |
12,114 |
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Average common shares issued and outstanding |
10,197,891 |
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10,250,124 |
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10,103,386 |
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10,312,878 |
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Dilutive potential common shares (2)
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527,591 |
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750,349 |
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717,039 |
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733,929 |
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Total diluted average common shares issued and outstanding |
10,725,482 |
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11,000,473 |
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10,820,425 |
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11,046,807 |
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Diluted earnings per common share |
$ |
0.48 |
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$ |
0.41 |
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$ |
1.35 |
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$ |
1.10 |
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(1) |
Represents the Series T dividends under the "if-converted" method prior to conversion. |
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(2) |
Includes incremental dilutive shares from restricted stock units, restricted stock and warrants. |
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