| Calculation of earnings per common share and diluted earnings per common share |
The calculation of earnings per common share (EPS) and diluted EPS for 2015, 2014 and 2013 is presented below. For more information on the calculation of EPS, see Note 1 – Summary of Significant Accounting Principles.
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(Dollars in millions, except per share information; shares in thousands) |
2015 |
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2014 |
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2013 |
Earnings per common share |
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Net income |
$ |
15,888 |
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$ |
4,833 |
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$ |
11,431 |
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Preferred stock dividends |
(1,483 |
) |
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(1,044 |
) |
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(1,349 |
) |
Net income applicable to common shareholders |
14,405 |
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3,789 |
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10,082 |
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Dividends and undistributed earnings allocated to participating securities |
— |
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— |
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(2 |
) |
Net income allocated to common shareholders |
$ |
14,405 |
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$ |
3,789 |
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$ |
10,080 |
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Average common shares issued and outstanding |
10,462,282 |
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10,527,818 |
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10,731,165 |
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Earnings per common share |
$ |
1.38 |
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$ |
0.36 |
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$ |
0.94 |
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Diluted earnings per common share |
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Net income applicable to common shareholders |
$ |
14,405 |
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$ |
3,789 |
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$ |
10,082 |
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Add preferred stock dividends due to assumed conversions |
300 |
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— |
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300 |
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Dividends and undistributed earnings allocated to participating securities |
— |
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— |
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(2 |
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Net income allocated to common shareholders |
$ |
14,705 |
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$ |
3,789 |
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$ |
10,380 |
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Average common shares issued and outstanding |
10,462,282 |
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10,527,818 |
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10,731,165 |
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Dilutive potential common shares (1)
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751,710 |
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56,717 |
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760,253 |
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Total diluted average common shares issued and outstanding |
11,213,992 |
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10,584,535 |
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11,491,418 |
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Diluted earnings per common share |
$ |
1.31 |
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$ |
0.36 |
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$ |
0.90 |
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(1) |
Includes incremental dilutive shares from restricted stock units, restricted stock, stock options and warrants. |
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