Quarterly report pursuant to Section 13 or 15(d)

Earnings Per Common Share (Tables)

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Earnings Per Common Share (Tables)
 6 Months Ended
Jun. 30, 2014
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 six months ended June 30, 2014 and 2013 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 2013 Annual Report on Form 10-K.

 
Three Months Ended June 30
 
Six Months Ended June 30
(Dollars in millions, except per share information; shares in thousands)
2014
 
2013
 
2014

2013
Earnings per common share
 
 
 
 
 
 
 
Net income
$
2,291

 
$
4,012

 
$
2,015

 
$
5,495

Preferred stock dividends
(256
)
 
(441
)
 
(494
)
 
(814
)
Net income applicable to common shareholders
$
2,035

 
$
3,571

 
$
1,521

 
$
4,681

Dividends and undistributed earnings allocated to participating securities
—

 
(1
)
 
—

 
(1
)
Net income allocated to common shareholders
$
2,035

 
$
3,570

 
$
1,521

 
$
4,680

Average common shares issued and outstanding
10,519,359

 
10,775,867

 
10,539,769

 
10,787,357

Earnings per common share
$
0.19

 
$
0.33

 
$
0.14

 
$
0.43

 
 
 
 
 
 
 
 
Diluted earnings per common share
 
 
 
 
 
 
 
Net income applicable to common shareholders
$
2,035

 
$
3,571

 
$
1,521

 
$
4,681

Add preferred stock dividends due to assumed conversions
75

 
75

 
—

 
150

Dividends and undistributed earnings allocated to participating securities
—

 
(1
)
 
—

 
(1
)
Net income allocated to common shareholders
$
2,110

 
$
3,645

 
$
1,521

 
$
4,830

Average common shares issued and outstanding
10,519,359

 
10,775,867

 
10,539,769

 
10,787,357

Dilutive potential common shares (1)
745,764

 
748,643

 
59,872

 
762,336

Total diluted average common shares issued and outstanding
11,265,123

 
11,524,510

 
10,599,641

 
11,549,693

Diluted earnings per common share
$
0.19

 
$
0.32

 
$
0.14

 
$
0.42

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