Quarterly report pursuant to Section 13 or 15(d)

Earnings Per Common Share (Tables)

v3.5.0.2
Earnings Per Common Share (Tables)
 6 Months Ended
Jun. 30, 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 and six months ended June 30, 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 June 30
 
Six Months Ended June 30
(Dollars in millions, except per share information; shares in thousands)
2016
 
2015
 
2016

2015
Earnings per common share
 
 
 
 
 
 
 
Net income
$
4,232

 
$
5,134

 
$
6,912

 
$
8,231

Preferred stock dividends
(361
)
 
(330
)
 
(818
)
 
(712
)
Net income applicable to common shareholders
$
3,871

 
$
4,804

 
$
6,094

 
$
7,519

Average common shares issued and outstanding
10,253,573

 
10,488,137

 
10,296,652

 
10,503,379

Earnings per common share
$
0.38

 
$
0.46

 
$
0.59

 
$
0.72

 
 
 
 
 
 
 
 
Diluted earnings per common share
 
 
 
 
 
 
 
Net income applicable to common shareholders
$
3,871

 
$
4,804

 
$
6,094

 
$
7,519

Add preferred stock dividends due to assumed conversions
75

 
75

 
150

 
150

Net income allocated to common shareholders
$
3,946

 
$
4,879

 
$
6,244

 
$
7,669

Average common shares issued and outstanding
10,253,573

 
10,488,137

 
10,296,652

 
10,503,379

Dilutive potential common shares (1)
805,594

 
749,923

 
783,287

 
749,038

Total diluted average common shares issued and outstanding
11,059,167

 
11,238,060

 
11,079,939

 
11,252,417

Diluted earnings per common share
$
0.36

 
$
0.43

 
$
0.56

 
$
0.68

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