Quarterly report pursuant to Section 13 or 15(d)

Earnings Per Common Share (Tables)

v2.4.0.8
Earnings Per Common Share (Tables)
 6 Months Ended
Jun. 30, 2013
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, 2013 and 2012 is presented below. See Note 1 – Summary of Significant Accounting Principles to the Consolidated Financial Statements of the Corporation's 2012 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)
2013
 
2012
 
2013

2012
Earnings per common share
 
 
 
 
 
 
 
Net income
$
4,012

 
$
2,463

 
$
5,495

 
$
3,116

Preferred stock dividends
(441
)
 
(365
)
 
(814
)
 
(690
)
Net income applicable to common shareholders
$
3,571

 
$
2,098

 
$
4,681

 
$
2,426

Dividends and undistributed earnings allocated to participating securities
(1
)
 
(1
)
 
(1
)
 
(2
)
Net income allocated to common shareholders
$
3,570

 
$
2,097

 
$
4,680

 
$
2,424

Average common shares issued and outstanding
10,775,867

 
10,775,695

 
10,787,357

 
10,714,881

Earnings per common share
$
0.33

 
$
0.19

 
$
0.43

 
$
0.23

 
 
 
 
 
 
 
 
Diluted earnings per common share
 
 
 
 
 
 
 
Net income applicable to common shareholders
$
3,571

 
$
2,098

 
$
4,681

 
$
2,426

Add preferred stock dividends due to assumed conversions
75

 
75

 
150

 
150

Dividends and undistributed earnings allocated to participating securities
(1
)
 
(1
)
 
(1
)
 
(2
)
Net income allocated to common shareholders
$
3,645

 
$
2,172

 
$
4,830

 
$
2,574

Average common shares issued and outstanding
10,775,867

 
10,775,695

 
10,787,357

 
10,714,881

Dilutive potential common shares (1)
748,643

 
780,316

 
762,336

 
795,064

Total diluted average common shares issued and outstanding
11,524,510

 
11,556,011

 
11,549,693

 
11,509,945

Diluted earnings per common share
$
0.32

 
$
0.19

 
$
0.42

 
$
0.22

(1) 
Includes incremental shares from restricted stock units, restricted stock, stock options and warrants