Net Income Per Common Share

9 Months Ended

Sep. 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 nine and three months ended September 30, 2014 and 2013.

	Nine Months Ended September 30,			Three Months Ended September 30,
(in thousands, except per share data)	2014		2013	2014	2013
Basic Net Income Per Common Share:
Net income available to common shareholders	$	134,399	82,704	44,229	37,188
Weighted average common shares outstanding	138,989		123,652	139,043	136,671
Basic net income per common share	$	0.97	0.67	0.32	0.27
Diluted Net Income Per Common Share:
Net income available to common shareholders	$	134,399	82,704	44,229	37,188
Weighted average common shares outstanding	138,989		123,652	139,043	136,671
Potentially dilutive shares from assumed exercise of securities or other contracts to purchase Common Stock	611		8,823	683	426
Weighted average diluted common shares	139,600		132,476	139,726	137,097
Diluted net income per common share	$	0.96	0.62	0.32	0.27

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 17.6 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 September 30, 2014 and 2013, there were 3.2 million and 3.6 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.