Annual report pursuant to Section 13 and 15(d)

Earnings Per Common Share (Tables)

v2.4.0.8
Earnings Per Common Share (Tables)
 12 Months Ended
Dec. 31, 2013
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 2013, 2012 and 2011 is presented below. For more information on the calculation of EPS, see Note 1 – Summary of Significant Accounting Principles.
 
 
 
 
 
 
(Dollars in millions, except per share information; shares in thousands)
2013
 
2012
 
2011
Earnings per common share
 

 
 

 
 

Net income
$
11,431

 
$
4,188

 
$
1,446

Preferred stock dividends
(1,349
)
 
(1,428
)
 
(1,361
)
Net income applicable to common shareholders
10,082

 
2,760

 
85

Dividends and undistributed earnings allocated to participating securities
(2
)
 
(2
)
 
(1
)
Net income allocated to common shareholders
$
10,080

 
$
2,758

 
$
84

Average common shares issued and outstanding
10,731,165

 
10,746,028

 
10,142,625

Earnings per common share
$
0.94

 
$
0.26

 
$
0.01

 
 
 
 
 
 
Diluted earnings per common share
 

 
 

 
 

Net income applicable to common shareholders
$
10,082

 
$
2,760

 
$
85

Add preferred stock dividends due to assumed conversions
300

 
—

 
—

Dividends and undistributed earnings allocated to participating securities
(2
)
 
(2
)
 
(1
)
Net income allocated to common shareholders
$
10,380

 
$
2,758

 
$
84

Average common shares issued and outstanding
10,731,165

 
10,746,028

 
10,142,625

Dilutive potential common shares (1)
760,253

 
94,826

 
112,199

Total diluted average common shares issued and outstanding
11,491,418

 
10,840,854

 
10,254,824

Diluted earnings per common share
$
0.90

 
$
0.25

 
$
0.01

(1) 
Includes incremental shares from restricted stock units, restricted stock, stock options and warrants.