Quarterly report pursuant to Section 13 or 15(d)

Earnings Per Common Share (Tables)

v3.7.0.1
Earnings Per Common Share (Tables)
 3 Months Ended
Mar. 31, 2017
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, 2017 and 2016 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 2016 Annual Report on Form 10-K.
 
 
 
 
 
Three Months Ended March 31
(Dollars in millions, except per share information; shares in thousands)
2017
 
2016
Earnings per common share
 

 
 

Net income
$
4,856

 
$
3,472

Preferred stock dividends
(502
)
 
(457
)
Net income applicable to common shareholders
$
4,354

 
$
3,015

Average common shares issued and outstanding
10,099,557

 
10,370,094

Earnings per common share
$
0.43

 
$
0.29

 
 
 
 
Diluted earnings per common share
 

 
 

Net income applicable to common shareholders
$
4,354

 
$
3,015

Add preferred stock dividends due to assumed conversions
75

 
75

Net income allocated to common shareholders
$
4,429

 
$
3,090

Average common shares issued and outstanding
10,099,557

 
10,370,094

Dilutive potential common shares (1)
815,258

 
729,973

Total diluted average common shares issued and outstanding
10,914,815

 
11,100,067

Diluted earnings per common share
$
0.41

 
$
0.28

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