Quarterly report pursuant to Section 13 or 15(d)

Shareholders' Equity

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Shareholders' Equity
 6 Months Ended
Jun. 30, 2013
Stockholders' Equity Note [Abstract]  
Shareholders' Equity
NOTE 12 – Shareholders' Equity
 
Common Stock

The table below presents the declared quarterly cash dividends on common stock during 2013 and through August 1, 2013.

Declaration Date
Record Date
Payment Date
Dividend Per Share
July 24, 2013
September 6, 2013
September 27, 2013
 
$
0.01

 
April 30, 2013
June 7, 2013
June 28, 2013
 
0.01

 
January 23, 2013
March 1, 2013
March 22, 2013
 
0.01

 


On March 14, 2013, the Corporation announced that its Board of Directors authorized the repurchase of up to $5.0 billion of common stock. The timing and amount of common stock repurchases will be consistent with the Corporation's 2013 capital plan. During the three months ended June 30, 2013, the Corporation repurchased and retired 79.6 million shares of common stock, which reduced shareholders' equity by approximately $1.0 billion.

During the six months ended June 30, 2013, in connection with employee stock plans, the Corporation issued approximately 72 million shares and repurchased approximately 28 million shares of its common stock to satisfy tax withholding obligations. At June 30, 2013, the Corporation had reserved 1.8 billion unissued shares of common stock for future issuances under employee stock plans, common stock warrants, convertible notes and preferred stock.

Preferred Stock

During the three months ended March 31, 2013 and June 30, 2013, the cash dividends declared on preferred stock were $373 million and $365 million or a total of $738 million for the six months ended June 30, 2013.

During the three months ended June 30, 2013, the Corporation redeemed $5.5 billion of its Non-Cumulative Preferred Stock, Series H, 6, 7 and 8. As part of the redemption, a $76 million preferred stock dividend was recorded for the difference between the carrying value and redemption price of the preferred stock. During the three months ended June 30, 2013, the Corporation issued $1.0 billion of its Fixed-to-Floating Rate Semi-annual Non-Cumulative Preferred Stock, Series U.

On August 1, 2013, the Corporation redeemed $951 million of its 7.25% Non-Cumulative Preferred Stock, Series J.