Quarterly report pursuant to Section 13 or 15(d)

Shareholders' Equity

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Shareholders' Equity
 6 Months Ended
Jun. 30, 2012
Stockholders' Equity Note [Abstract]  
Shareholders' Equity
NOTE 11 – Shareholders’ Equity
 
Common Stock

Declaration Date
Record Date
Payment Date
Dividend Per Share
July 11, 2012
September 7, 2012
September 28, 2012
 
$
0.01

 
April 11, 2012
June 1, 2012
June 22, 2012
 
0.01

 
January 11, 2012
March 2, 2012
March 23, 2012
 
0.01

 


During the six months ended June 30, 2012, the Corporation entered into various agreements with certain preferred and trust preferred security holders pursuant to which the Corporation and the security holders, in aggregate, agreed to exchange shares of various series of non-convertible preferred stock, with a carrying value of $296 million and trust preferred securities with a carrying value of $760 million for approximately 50 million shares of the Corporation's common stock, with a fair value of $412 million and $398 million in cash. The $246 million difference between the carrying value of the preferred and trust preferred securities retired and the fair value of consideration issued was recorded in retained earnings as a $44 million reduction to preferred stock dividends and a $202 million gain in noninterest income.

During the six months ended June 30, 2012, in connection with employee stock plans, the Corporation issued approximately 294 million shares and repurchased approximately 103 million shares to satisfy tax withholding obligations. At June 30, 2012, the Corporation had reserved 1.9 billion unissued shares of common stock for future issuances under employee stock plans, common stock warrants, convertible notes and preferred stock.

Preferred Stock

During the three months ended March 31, 2012 and June 30, 2012, the dividends declared on preferred stock were $369 million and $365 million or a total of $734 million for the six months ended June 30, 2012.