| 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.
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Three Months Ended June 30 |
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Six Months Ended June 30 |
(Dollars in millions, except per share information; shares in thousands) |
2012 |
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2011 |
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2012 |
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2011 |
Earnings (loss) per common share |
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Net income (loss) |
$ |
2,463 |
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$ |
(8,826 |
) |
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$ |
3,116 |
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$ |
(6,777 |
) |
Preferred stock dividends |
(365 |
) |
|
(301 |
) |
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(690 |
) |
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(611 |
) |
Net income (loss) applicable to common shareholders |
$ |
2,098 |
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|
$ |
(9,127 |
) |
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$ |
2,426 |
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$ |
(7,388 |
) |
Dividends and undistributed earnings allocated to participating securities |
(1 |
) |
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— |
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(2 |
) |
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(1 |
) |
Net income (loss) allocated to common shareholders |
$ |
2,097 |
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$ |
(9,127 |
) |
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$ |
2,424 |
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$ |
(7,389 |
) |
Average common shares issued and outstanding |
10,775,695 |
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10,094,928 |
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10,714,881 |
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10,085,479 |
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Earnings (loss) per common share |
$ |
0.19 |
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$ |
(0.90 |
) |
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$ |
0.23 |
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$ |
(0.73 |
) |
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Diluted earnings (loss) per common share |
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Net income (loss) applicable to common shareholders |
$ |
2,098 |
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$ |
(9,127 |
) |
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$ |
2,426 |
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$ |
(7,388 |
) |
Add preferred stock dividends due to assumed conversions |
75 |
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— |
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150 |
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— |
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Dividends and undistributed earnings allocated to participating securities |
(1 |
) |
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— |
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(2 |
) |
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(1 |
) |
Net income (loss) allocated to common shareholders |
$ |
2,172 |
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$ |
(9,127 |
) |
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$ |
2,574 |
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$ |
(7,389 |
) |
Average common shares issued and outstanding |
10,775,695 |
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10,094,928 |
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10,714,881 |
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10,085,479 |
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Dilutive potential common shares (1)
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780,316 |
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— |
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795,064 |
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— |
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Total diluted average common shares issued and outstanding |
11,556,011 |
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10,094,928 |
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11,509,945 |
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10,085,479 |
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Diluted earnings (loss) per common share |
$ |
0.19 |
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$ |
(0.90 |
) |
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$ |
0.22 |
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$ |
(0.73 |
) |
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(1) |
Includes incremental shares from RSUs, restricted stock shares, stock options and warrants. |
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