| Calculation of earnings per common share and diluted earnings per common share |
The calculation of earnings per common share (EPS) and diluted EPS for both the three and nine months ended September 30, 2015 and 2014 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 2014 Annual Report on Form 10-K.
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Three Months Ended September 30 |
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Nine Months Ended September 30 |
(Dollars in millions, except per share information; shares in thousands) |
2015 |
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2014 |
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2015 |
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2014 |
Earnings (loss) per common share |
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Net income (loss) |
$ |
4,508 |
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$ |
(232 |
) |
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$ |
13,185 |
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$ |
1,783 |
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Preferred stock dividends |
(441 |
) |
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(238 |
) |
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(1,153 |
) |
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(732 |
) |
Net income (loss) applicable to common shareholders |
$ |
4,067 |
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$ |
(470 |
) |
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$ |
12,032 |
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$ |
1,051 |
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Average common shares issued and outstanding |
10,444,291 |
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10,515,790 |
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10,483,466 |
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10,531,688 |
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Earnings (loss) per common share |
$ |
0.39 |
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$ |
(0.04 |
) |
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$ |
1.15 |
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$ |
0.10 |
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Diluted earnings (loss) per common share |
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Net income (loss) applicable to common shareholders |
$ |
4,067 |
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$ |
(470 |
) |
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$ |
12,032 |
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$ |
1,051 |
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Add preferred stock dividends due to assumed conversions |
75 |
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— |
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225 |
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— |
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Net income (loss) allocated to common shareholders |
$ |
4,142 |
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$ |
(470 |
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$ |
12,257 |
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$ |
1,051 |
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Average common shares issued and outstanding |
10,444,291 |
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10,515,790 |
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10,483,466 |
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10,531,688 |
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Dilutive potential common shares (1)
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752,912 |
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— |
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750,659 |
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56,153 |
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Total diluted average common shares issued and outstanding |
11,197,203 |
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10,515,790 |
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11,234,125 |
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10,587,841 |
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Diluted earnings (loss) per common share |
$ |
0.37 |
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$ |
(0.04 |
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$ |
1.09 |
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$ |
0.10 |
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(1) |
Includes incremental dilutive shares from restricted stock units, restricted stock, stock options and warrants. There were no potential common shares that are dilutive for the three months ended September 30, 2014 because of the net loss applicable to common shareholders.
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