Quarterly report pursuant to Section 13 or 15(d)

Shareholders' Equity

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

The table below presents the declared quarterly cash dividends on common stock during 2012 and through November 2, 2012.

Declaration Date
Record Date
Payment Date
Dividend Per Share
October 24, 2012
December 7, 2012
December 28, 2012
 
$
0.01

 
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 nine months ended September 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 nine months ended September 30, 2012, in connection with employee stock plans, the Corporation issued approximately 295 million shares and repurchased approximately 104 million shares of common stock to satisfy tax withholding obligations. At September 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, June 30, 2012 and September 30, 2012, the dividends declared on preferred stock were $369 million, $365 million and $373 million or a total of $1.1 billion for the nine months ended September 30, 2012.