Quarterly report pursuant to Section 13 or 15(d)

Earnings Per Common Share (Tables)

v2.4.0.8
Earnings Per Common Share (Tables)
 9 Months Ended
Sep. 30, 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 the three and nine months ended September 30, 2013 and 2012 is presented below. For more information on the calculation of EPS, see Note 1 – Summary of Significant Accounting Principles to the Consolidated Financial Statements of the Corporation's 2012 Annual Report on Form 10-K.

 
Three Months Ended September 30
 
Nine Months Ended September 30
(Dollars in millions, except per share information; shares in thousands)
2013
 
2012
 
2013

2012
Earnings per common share
 
 
 
 
 
 
 
Net income
$
2,497

 
$
340

 
$
7,992

 
$
3,456

Preferred stock dividends
(279
)
 
(373
)
 
(1,093
)
 
(1,063
)
Net income (loss) applicable to common shareholders
$
2,218

 
$
(33
)
 
$
6,899

 
$
2,393

Dividends and undistributed earnings allocated to participating securities
(1
)
 
—

 
(2
)
 
(2
)
Net income (loss) allocated to common shareholders
$
2,217

 
$
(33
)
 
$
6,897

 
$
2,391

Average common shares issued and outstanding
10,718,918

 
10,776,173

 
10,764,216

 
10,735,461

Earnings per common share
$
0.21

 
$
0.00

 
$
0.64

 
$
0.22

 
 
 
 
 
 
 
 
Diluted earnings per common share
 
 
 
 
 
 
 
Net income (loss) applicable to common shareholders
$
2,218

 
$
(33
)
 
$
6,899

 
$
2,393

Add preferred stock dividends due to assumed conversions
75

 
—

 
225

 
—

Dividends and undistributed earnings allocated to participating securities
(1
)
 
—

 
(2
)
 
(2
)
Net income (loss) allocated to common shareholders
$
2,292

 
$
(33
)
 
$
7,122

 
$
2,391

Average common shares issued and outstanding
10,718,918

 
10,776,173

 
10,764,216

 
10,735,461

Dilutive potential common shares (1)
763,308

 
—

 
759,433

 
91,042

Total diluted average common shares issued and outstanding
11,482,226

 
10,776,173

 
11,523,649

 
10,826,503

Diluted earnings per common share
$
0.20

 
$
0.00

 
$
0.62

 
$
0.22

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