Quarterly report pursuant to Section 13 or 15(d)

Earnings Per Common Share (Tables)

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Earnings Per Common Share (Tables)
6 Months Ended
Jun. 30, 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 and six months ended June 30, 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 June 30
 
Six Months Ended June 30
(Dollars in millions, except per share information; shares in thousands)
2012
 
2011
 
2012

2011
Earnings (loss) per common share
 
 
 
 
 
 
 
Net income (loss)
$
2,463

 
$
(8,826
)
 
$
3,116

 
$
(6,777
)
Preferred stock dividends
(365
)
 
(301
)
 
(690
)
 
(611
)
Net income (loss) applicable to common shareholders
$
2,098

 
$
(9,127
)
 
$
2,426

 
$
(7,388
)
Dividends and undistributed earnings allocated to participating securities
(1
)
 

 
(2
)
 
(1
)
Net income (loss) allocated to common shareholders
$
2,097

 
$
(9,127
)
 
$
2,424

 
$
(7,389
)
Average common shares issued and outstanding
10,775,695

 
10,094,928

 
10,714,881

 
10,085,479

Earnings (loss) per common share
$
0.19

 
$
(0.90
)
 
$
0.23

 
$
(0.73
)
 
 
 
 
 
 
 
 
Diluted earnings (loss) per common share
 
 
 
 
 
 
 
Net income (loss) applicable to common shareholders
$
2,098

 
$
(9,127
)
 
$
2,426

 
$
(7,388
)
Add preferred stock dividends due to assumed conversions
75

 

 
150

 

Dividends and undistributed earnings allocated to participating securities
(1
)
 

 
(2
)
 
(1
)
Net income (loss) allocated to common shareholders
$
2,172

 
$
(9,127
)
 
$
2,574

 
$
(7,389
)
Average common shares issued and outstanding
10,775,695

 
10,094,928

 
10,714,881

 
10,085,479

Dilutive potential common shares (1)
780,316

 

 
795,064

 

Total diluted average common shares issued and outstanding
11,556,011

 
10,094,928

 
11,509,945

 
10,085,479

Diluted earnings (loss) per common share
$
0.19

 
$
(0.90
)
 
$
0.22

 
$
(0.73
)
(1) 
Includes incremental shares from RSUs, restricted stock shares, stock options and warrants.