| 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 nine months ended September 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 September 30 |
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Nine Months Ended September 30 |
(Dollars in millions, except per share information; shares in thousands) |
2012 |
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2011 |
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2012 |
|
2011 |
Earnings (loss) per common share |
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Net income (loss) |
$ |
340 |
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$ |
6,232 |
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$ |
3,456 |
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$ |
(545 |
) |
Preferred stock dividends |
(373 |
) |
|
(343 |
) |
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(1,063 |
) |
|
(954 |
) |
Net income (loss) applicable to common shareholders |
$ |
(33 |
) |
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$ |
5,889 |
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$ |
2,393 |
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$ |
(1,499 |
) |
Dividends and undistributed earnings allocated to participating securities |
— |
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(30 |
) |
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(2 |
) |
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(1 |
) |
Net income (loss) allocated to common shareholders |
$ |
(33 |
) |
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$ |
5,859 |
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$ |
2,391 |
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$ |
(1,500 |
) |
Average common shares issued and outstanding |
10,776,173 |
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10,116,284 |
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10,735,461 |
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10,095,859 |
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Earnings (loss) per common share |
$ |
0.00 |
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$ |
0.58 |
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$ |
0.22 |
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$ |
(0.15 |
) |
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Diluted earnings (loss) per common share |
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Net income (loss) applicable to common shareholders |
$ |
(33 |
) |
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$ |
5,922 |
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$ |
2,393 |
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$ |
(1,499 |
) |
Dividends and undistributed earnings allocated to participating securities |
— |
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|
(29 |
) |
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(2 |
) |
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(1 |
) |
Net income (loss) allocated to common shareholders |
$ |
(33 |
) |
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$ |
5,893 |
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$ |
2,391 |
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$ |
(1,500 |
) |
Average common shares issued and outstanding |
10,776,173 |
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10,116,284 |
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10,735,461 |
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10,095,859 |
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Dilutive potential common shares (1)
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— |
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348,111 |
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91,042 |
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— |
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Total diluted average common shares issued and outstanding |
10,776,173 |
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10,464,395 |
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10,826,503 |
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10,095,859 |
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Diluted earnings (loss) per common share |
$ |
0.00 |
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$ |
0.56 |
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$ |
0.22 |
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$ |
(0.15 |
) |
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(1) |
Includes incremental shares from RSUs, restricted stock, stock options and warrants. |
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