Earnings Per Share

12 Months Ended

Dec. 31, 2012

Earnings Per Share

25. earnings per share

The calculation of earnings per share and the reconciliation of earnings per share and earnings per diluted share for the years ended December 31:
		2012			2011			2010
			Average	Per Share		Average	Per Share		Average	Per Share
(in millions, except per share data)		Income	Shares	Amount	Income	Shares	Amount	Income	Shares	Amount
Earnings per share:
Net income attributable to Bancorp	$	1,576			1,297			753
Dividends on preferred stock		35			203			250
Net income available to common shareholders		1,541			1,094			503
Less: Income allocated to participating securities		10			6			3
Net income allocated to common shareholders	$	1,531	904	1.69	1,088	906	1.20	500	791	0.63
Earnings per diluted share:
Net income available to common shareholders	$	1,541			1,094			503
Effect of dilutive securities:
Stock-based awards		-	6	-	-	6	-	-	5	-
Series G convertible preferred stock		35	36	(0.03)	35	36	(0.02)	-	-	-
Warrants related to Series F preferred stock		-	-	-	-	2	-	-	3	-
Net income available to common shareholders		1,576			1,129			503
plus assumed conversions
Less: Income allocated to participating securities		10			6			3
Net income allocated to common shareholders
plus assumed conversions	$	1,566	946	1.66	1,123	950	1.18	500	799	0.63

Shares are excluded from the computation of net income per diluted share when their inclusion has an anti-dilutive effect on earnings per share. The diluted earnings per share computation for 2012, 2011, and 2010excludes 36 million,29 million, and 23 million,respectively, of stock appreciation rights, 5 million,8 million,and 12 million, respectively, of stock optionsand 1 million,1 millionand1 million shares, respectively, of unvested restricted stock that had not yet been exercised. In 2010, 36 million shares related to the Bancorp's Series G preferred stockthat were not part of the conversion of preferred shares in the second quarter of 2009 were excluded from the computation of net income per diluted share because their inclusion would have been anti-dilutive to earnings per share.

The diluted earnings per share computation for the year ended December 31, 2012 excludes the impact of the forward contracts related to the November 6, 2012 and December 14, 2012 accelerated share repurchase transactions because, based upon the average daily volume-weighted average price of the Bancorp's common stock during the fourth quarter of 2012, the counterparty to the transactions would have been required to deliver approximately 1 million shares as of December 31, 2012, and thus the impact of the two accelerated share repurchase transactions would have been anti-dilutive to earnings per share.