Quarterly report pursuant to Section 13 or 15(d)

Earnings Per Common Share (Tables)

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Earnings Per Common Share (Tables)
9 Months Ended
Sep. 30, 2012
Earnings Per Share [Abstract]  
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, 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.

 
Three Months Ended September 30
 
Nine Months Ended September 30
(Dollars in millions, except per share information; shares in thousands)
2012
 
2011
 
2012

2011
Earnings (loss) per common share
 
 
 
 
 
 
 
Net income (loss)
$
340

 
$
6,232

 
$
3,456

 
$
(545
)
Preferred stock dividends
(373
)
 
(343
)
 
(1,063
)
 
(954
)
Net income (loss) applicable to common shareholders
$
(33
)
 
$
5,889

 
$
2,393

 
$
(1,499
)
Dividends and undistributed earnings allocated to participating securities

 
(30
)
 
(2
)
 
(1
)
Net income (loss) allocated to common shareholders
$
(33
)
 
$
5,859

 
$
2,391

 
$
(1,500
)
Average common shares issued and outstanding
10,776,173

 
10,116,284

 
10,735,461

 
10,095,859

Earnings (loss) per common share
$
0.00

 
$
0.58

 
$
0.22

 
$
(0.15
)
 
 
 
 
 
 
 
 
Diluted earnings (loss) per common share
 
 
 
 
 
 
 
Net income (loss) applicable to common shareholders
$
(33
)
 
$
5,922

 
$
2,393

 
$
(1,499
)
Dividends and undistributed earnings allocated to participating securities

 
(29
)
 
(2
)
 
(1
)
Net income (loss) allocated to common shareholders
$
(33
)
 
$
5,893

 
$
2,391

 
$
(1,500
)
Average common shares issued and outstanding
10,776,173

 
10,116,284

 
10,735,461

 
10,095,859

Dilutive potential common shares (1)

 
348,111

 
91,042

 

Total diluted average common shares issued and outstanding
10,776,173

 
10,464,395

 
10,826,503

 
10,095,859

Diluted earnings (loss) per common share
$
0.00

 
$
0.56

 
$
0.22

 
$
(0.15
)
(1) 
Includes incremental shares from RSUs, restricted stock, stock options and warrants.