Quarterly report pursuant to Section 13 or 15(d)

Earnings Per Common Share (Tables)

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Earnings Per Common Share (Tables)
 3 Months Ended
Mar. 31, 2016
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 months ended March 31, 2016 and 2015 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 2015 Annual Report on Form 10-K.

 
Three Months Ended March 31
(Dollars in millions, except per share information; shares in thousands)
2016
 
2015
Earnings per common share
 
 
 
Net income
$
2,680

 
$
3,097

Preferred stock dividends
(457
)
 
(382
)
Net income applicable to common shareholders
$
2,223

 
$
2,715

Average common shares issued and outstanding
10,339,731

 
10,518,790

Earnings per common share
$
0.21

 
$
0.26

 
 
 
 
Diluted earnings per common share
 
 
 
Net income applicable to common shareholders
$
2,223

 
$
2,715

Add preferred stock dividends due to assumed conversions
75

 
75

Net income allocated to common shareholders
$
2,298

 
$
2,790

Average common shares issued and outstanding
10,339,731

 
10,518,790

Dilutive potential common shares (1)
760,336

 
747,721

Total diluted average common shares issued and outstanding
11,100,067

 
11,266,511

Diluted earnings per common share
$
0.21

 
$
0.25

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