Quarterly report pursuant to Section 13 or 15(d)

Shareholders' Equity

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Shareholders' Equity
 9 Months Ended
Sep. 30, 2016
Equity [Abstract]  
Shareholders' Equity
NOTE 11 – Shareholders' Equity
 
Common Stock

The table below presents the declared quarterly cash dividends on common stock in 2016 and through November 1, 2016.

Declaration Date
Record Date
Payment Date
Dividend Per Share
 
October 27, 2016
December 2, 2016
December 30, 2016
$0.075
 
July 27, 2016
September 2, 2016
September 23, 2016
0.075
 
April 27, 2016
June 3, 2016
June 24, 2016
0.05
 
January 21, 2016
March 4, 2016
March 25, 2016
0.05
 


During the three months ended September 30, 2016, the Corporation repurchased and retired 93.0 million shares of common stock in connection with the 2016 Comprehensive Capital Analysis and Review (CCAR) capital plan, which reduced shareholders' equity by $1.4 billion. This includes shares repurchased to offset the dilution resulting from certain equity-based compensation awards.

During the nine months ended September 30, 2016, in connection with employee stock plans, the Corporation issued approximately 9 million shares and repurchased approximately 4 million shares of its common stock to satisfy tax withholding obligations. At September 30, 2016, the Corporation had reserved 1.6 billion unissued shares of common stock for future issuances under employee stock plans, common stock warrants, convertible notes and preferred stock.

The Corporation has certain warrants outstanding and exercisable to purchase 150 million shares of its common stock, expiring on January 16, 2019 and warrants outstanding and exercisable to purchase 122 million shares of its common stock, expiring on October 28, 2018. These warrants are listed on the New York Stock Exchange. The exercise price of the warrants expiring on January 16, 2019 is subject to continued adjustment each time the quarterly cash dividend is in excess of $0.01 per common share to compensate the holders of the warrants for dilution resulting from an increased dividend. As a result of the Corporation's third-quarter 2016 dividend of $0.075 per common share, the exercise price of these warrants was adjusted to $12.980. The warrants expiring on October 28, 2018 also contain this anti-dilution provision except the adjustment is triggered only when the Corporation declares quarterly dividends at a level greater than $0.32 per common share.

During the three months ended March 31, 2016, June 30, 2016 and September 30, 2016, the Corporation declared $457 million, $361 million and $503 million of cash dividends on preferred stock, or a total of $1.3 billion for the nine months ended September 30, 2016.