NET INCOME PER COMMON SHARE

12 Months Ended

Dec. 31, 2013

NET INCOME PER COMMON SHARE

13.     NET INCOME PER COMMON SHARE

The following table presents a reconciliation of net income and shares used in calculating basic and diluted earnings per share for the years ended December 31, 2013, 2012 and 2011.

	For the Years Ended
	December 31, 2013		December 31, 2012		December 31, 2011
	(dollars in thousands, except per share data)
Net income	$	3,729,698	$	1,735,900	$	344,461
Less: Preferred stock dividends		71,968		39,530		16,854
Net income (loss) available to common shareholders, prior to adjustment for dilutive potential common shares, if necessary		3,657,730		1,696,370		327,607
Add: Interest on Convertible Senior Notes, if dilutive		67,056		27,843		-
Net income available to common shareholders, as adjusted	$	3,724,786	$	1,724,213	$	327,607
Weighted average shares of common stock outstanding-basic		947,337,915		972,902,459		874,212,039
Add: Effect of dilutive stock options and Convertible Senior Notes, if dilutive		48,219,111		32,852,598		306,899
Weighted average shares of common stock outstanding-diluted		995,557,026		1,005,755,057		874,518,938
Net income (loss) per share available (related) to common share:
Basic	$	3.86	$	1.74	$	0.37
Diluted	$	3.74	$	1.71	$	0.37

Options to purchase 3.5 million shares of common stock were outstanding and considered anti-dilutive as their exercise price and option expense exceeded the average stock price for the year ended December 31, 2013. Options to purchase 2.8 million shares of common stock were outstanding and considered anti-dilutive as their exercise price and option expense exceeded the average stock price for the year ended December 31, 2012. Options to purchase 0.6 million shares of common stock, were outstanding and considered anti-dilutive as their exercise price and option expense exceeded the average stock price for the year ended December 31, 2011.