Net Income Per Common Share

6 Months Ended

Jun. 30, 2014

Earnings Per Share [Abstract]

Net Income Per Common Share

Note 12- Net Income Per Common Share

The following table displays a reconciliation of the information used in calculating basic and diluted earnings per common share for the six and three months ended June 30, 2014 and 2013.

	Six Months Ended June 30,			Three Months Ended June 30,
(in thousands, except per share data)	2014		2013	2014	2013
Basic Net Income Per Common Share:
Net income available to common shareholders	$	90,170	45,515	44,313	30,717
Weighted average common shares outstanding	138,961		117,035	138,991	121,585
Basic net income per common share	$	0.65	0.39	0.32	0.25
Diluted Net Income Per Common Share:
Net income available to common shareholders	$	90,170	45,515	44,313	30,717
Weighted average common shares outstanding	138,961		117,035	138,991	121,585
Potentially dilutive shares from assumed exercise of securities or other contracts to purchase Common Stock	574		13,092	576	8,549
Weighted average diluted common shares	139,535		130,127	139,567	130,134
Diluted net income per common share	$	0.65	0.35	0.32	0.24

A reverse stock split became effective on May 16, 2014, and Synovus' shares of common stock began trading on a post-split basis on the NYSE at the opening of trading on May 19, 2014. Share and per share amounts included in this Report for prior periods have been adjusted to reflect the one-for-seven reverse stock split.  

Basic net income per common share is computed by dividing net income by the average common shares outstanding for the period. Diluted net income per common share reflects the dilution that could occur if securities or other contracts to issue Common Stock were exercised or converted. The dilutive effect of outstanding options and restricted share units is reflected in diluted net income per common share, unless the impact is anti-dilutive, by application of the treasury stock method.

During 2010, 13,800,000 units of tMEDS were issued through a public offering. On May 15, 2013, each remaining tMED automatically settled, and Synovus issued 17.5 million shares of Common Stock. As a result, these shares are no longer potentially dilutive shares from assumed exercise of these contracts to purchase Common Stock.

As of June 30, 2014 and 2013, there were 3.5 million and 4.1 million, respectively, potentially dilutive shares related to Common Stock options and Warrants to purchase shares of Common Stock that were outstanding during 2014 and 2013, but were not included in the computation of diluted net income per common share because the effect would have been anti-dilutive.