| Calculation of Earnings Per Common Share and Diluted Earnings Per Common Share |
The calculation of EPS and diluted EPS for 2011, 2010 and 2009 is presented below. See Note 1 – Summary of Significant Accounting Principles for additional information on the calculation of EPS.
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(Dollars in millions, except per share information; shares in thousands) |
2011 |
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2010 |
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2009 |
Earnings (loss) per common share |
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Net income (loss) |
$ |
1,446 |
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$ |
(2,238 |
) |
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$ |
6,276 |
|
Preferred stock dividends |
(1,361 |
) |
|
(1,357 |
) |
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(4,494 |
) |
Accelerated accretion from redemption of preferred stock issued to the U.S. Treasury |
— |
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— |
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(3,986 |
) |
Net income (loss) applicable to common shareholders |
85 |
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(3,595 |
) |
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(2,204 |
) |
Dividends and undistributed earnings allocated to participating securities |
(1 |
) |
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(4 |
) |
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(6 |
) |
Net income (loss) allocated to common shareholders |
$ |
84 |
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$ |
(3,599 |
) |
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$ |
(2,210 |
) |
Average common shares issued and outstanding |
10,142,625 |
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9,790,472 |
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7,728,570 |
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Earnings (loss) per common share |
$ |
0.01 |
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$ |
(0.37 |
) |
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$ |
(0.29 |
) |
Diluted earnings (loss) per common share |
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Net income (loss) applicable to common shareholders |
$ |
85 |
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$ |
(3,595 |
) |
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$ |
(2,204 |
) |
Dividends and undistributed earnings allocated to participating securities |
(1 |
) |
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(4 |
) |
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(6 |
) |
Net income (loss) allocated to common shareholders |
$ |
84 |
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$ |
(3,599 |
) |
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$ |
(2,210 |
) |
Average common shares issued and outstanding |
10,142,625 |
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9,790,472 |
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7,728,570 |
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Dilutive potential common shares (1)
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112,199 |
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— |
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— |
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Total diluted average common shares issued and outstanding |
10,254,824 |
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9,790,472 |
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7,728,570 |
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Diluted earnings (loss) per common share |
$ |
0.01 |
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$ |
(0.37 |
) |
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$ |
(0.29 |
) |
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(1) |
Includes incremental shares from RSUs, restricted stock shares, stock options and warrants. |
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