| Calculation of earnings per common share and diluted earnings per common share |
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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) |
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2011 |
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2010 |
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2011 |
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2010 |
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Earnings (loss) per common share
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Net income (loss)
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$ |
(8,826 |
) |
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$ |
3,123 |
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$ |
(6,777 |
) |
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$ |
6,305 |
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Preferred stock dividends
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(301 |
) |
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(340 |
) |
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(611 |
) |
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(688 |
) |
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Net income (loss) applicable to common shareholders
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$ |
(9,127 |
) |
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$ |
2,783 |
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$ |
(7,388 |
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$ |
5,617 |
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Dividends and undistributed earnings allocated to participating securities
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- |
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(42 |
) |
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(1 |
) |
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(286 |
) |
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Net income (loss) allocated to
common shareholders
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$ |
(9,127 |
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$ |
2,741 |
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$ |
(7,389 |
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$ |
5,331 |
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Average common shares issued and outstanding
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10,094,928 |
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9,956,773 |
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10,085,479 |
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9,570,166 |
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Earnings (loss) per common share
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$ |
(0.90 |
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$ |
0.28 |
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$ |
(0.73 |
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$ |
0.56 |
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Diluted earnings (loss) per common share
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Net income (loss) applicable to common shareholders
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$ |
(9,127 |
) |
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$ |
2,783 |
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$ |
(7,388 |
) |
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$ |
5,617 |
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Dividends and undistributed earnings allocated to participating securities
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- |
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(42 |
) |
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(1 |
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(79 |
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Net income (loss) allocated to
common shareholders
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$ |
(9,127 |
) |
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$ |
2,741 |
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$ |
(7,389 |
) |
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$ |
5,538 |
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Average common shares issued and outstanding
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10,094,928 |
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9,956,773 |
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10,085,479 |
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9,570,166 |
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Dilutive potential common shares (1)
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- |
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73,003 |
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- |
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450,760 |
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Total diluted average common shares issued and outstanding
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10,094,928 |
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10,029,776 |
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10,085,479 |
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10,020,926 |
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Diluted earnings (loss) per common share
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$ |
(0.90 |
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$ |
0.27 |
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$ |
(0.73 |
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$ |
0.55 |
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| (1) |
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Includes incremental shares from RSUs, restricted stock shares, stock options
and warrants.
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