Quarterly report pursuant to Section 13 or 15(d)

Earnings Per Common Share (Tables)

v3.5.0.2
Earnings Per Common Share (Tables)
 9 Months Ended
Sep. 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 nine months ended September 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 September 30
 
Nine Months Ended September 30
(Dollars in millions, except per share information; shares in thousands)
2016
 
2015
 
2016

2015
Earnings per common share
 
 
 
 
 
 
 
Net income
$
4,955

 
$
4,619

 
$
13,210

 
$
12,552

Preferred stock dividends
(503
)
 
(441
)
 
(1,321
)
 
(1,153
)
Net income applicable to common shareholders
$
4,452

 
$
4,178

 
$
11,889

 
$
11,399

Average common shares issued and outstanding
10,250,124

 
10,444,291

 
10,312,878

 
10,483,466

Earnings per common share
$
0.43

 
$
0.40

 
$
1.15

 
$
1.09

 
 
 
 
 
 
 
 
Diluted earnings per common share
 
 
 
 
 
 
 
Net income applicable to common shareholders
$
4,452

 
$
4,178

 
$
11,889

 
$
11,399

Add preferred stock dividends due to assumed conversions
75

 
75

 
225

 
225

Net income allocated to common shareholders
$
4,527

 
$
4,253

 
$
12,114

 
$
11,624

Average common shares issued and outstanding
10,250,124

 
10,444,291

 
10,312,878

 
10,483,466

Dilutive potential common shares (1)
750,349

 
752,912

 
733,929

 
750,659

Total diluted average common shares issued and outstanding
11,000,473

 
11,197,203

 
11,046,807

 
11,234,125

Diluted earnings per common share
$
0.41

 
$
0.38

 
$
1.10

 
$
1.03

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