NET INCOME PER COMMON SHARE

9 Months Ended

Sep. 30, 2012

NET INCOME PER COMMON SHARE

10.           NET INCOME PER COMMON SHARE

The following table presents a reconciliation of the net income and shares used in calculating basic and diluted earnings per share for the quarters and nine months ended September 30, 2012 and 2011.

	For the Quarter Ended					For the Nine Months Ended
	September 30, 2012		September 30, 2011			September 30, 2012		September 30, 2011
	(dollars in thousands)
Net income (loss)	$	224,758	$	(921,813	)	$	1,035,405	$	(101,101	)
Less: Preferred stock dividends		9,367		4,172			19,813		12,706
Net income (loss) available to common shareholders, prior to adjustment for dilutive potential common shares, if necessary		215,391	$	(925,985	)		1,015,592	$	(113,807	)
Add: Interest on Convertible Senior Notes, if dilutive		3,193		-			23,850		-
Net income (loss) available to common shareholders, as adjusted	$	218,584	$	(925,985	)	$	1,039,442	$	(113,807	)
Weighted average shares of common stock outstanding-basic		974,729		948,546			973,675		841,913
Add:  Effect of dilutive stock options, Series B Preferred Stock and Convertible Senior Notes, if dilutive		22,279		-			61,690		-
Weighted average shares of common stock outstanding-diluted		997,008		948,546			1,035,365		841,913

Options to purchase 1.1 million and 1.8 million shares of common stock were outstanding and considered anti-dilutive as their exercise price exceeded the average stock price  for the quarter and nine months ended September 30, 2012.  Options to purchase 572,000 and 572,000 shares of common stock were outstanding and considered anti-dilutive as their exercise price exceeded the average stock price for the quarter and nine months ended September 30, 2011.