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, 2012
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, 2012 and 2011 is presented below. See Note 1 – Summary of Significant Accounting Principles to the Consolidated Financial Statements of the Corporation's 2011 Annual Report on Form 10-K for additional information on the calculation of EPS.

 
Three Months Ended March 31
(Dollars in millions, except per share information; shares in thousands)
2012
 
2011
Earnings per common share
 
 
 
Net income
$
653

 
$
2,049

Preferred stock dividends
(325
)
 
(310
)
Net income applicable to common shareholders
$
328

 
$
1,739

Dividends and undistributed earnings allocated to participating securities
(1
)
 
(14
)
Net income allocated to common shareholders
$
327

 
$
1,725

Average common shares issued and outstanding
10,651,367

 
10,075,875

Earnings per common share
$
0.03

 
$
0.17

 
 
 
 
Diluted earnings per common share
 
 
 
Net income applicable to common shareholders
$
328

 
$
1,739

Dividends and undistributed earnings allocated to participating securities
(1
)
 
(14
)
Net income allocated to common shareholders
$
327

 
$
1,725

Average common shares issued and outstanding
10,651,367

 
10,075,875

Dilutive potential common shares (1)
110,550

 
105,476

Total diluted average common shares issued and outstanding
10,761,917

 
10,181,351

Diluted earnings per common share
$
0.03

 
$
0.17

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