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Earnings Per Share
 3 Months Ended
Mar. 31, 2013
Earnings Per Share

18. Earnings Per Share

 

The calculation of earnings per share and the reconciliation of earnings per share and earnings per diluted share were as follows:
         
  2013 2012
For the three months ended March 31,  AveragePer Share  AveragePer Share
(in millions, except per share data) IncomeSharesAmount IncomeSharesAmount
Earnings per share:        
Net income attributable to Bancorp$ 422    430  
Dividends on preferred stock  9    9  
Net income available to common shareholders  413    421  
Less: Income allocated to participating securities  3    2  
Net income allocated to common shareholders$ 410 871 0.47  419 915 0.46
Earnings per diluted share:        
Net income available to common shareholders$ 413    421  
Effect of dilutive securities:        
Stock-based awards  - 6 -  - 6 -
Series G convertible preferred stock  9 36 (0.01)  9 36 (0.01)
Net income available to common shareholders  422    430  
plus assumed conversions        
Less: Income allocated to participating securities  3    2  
Net income allocated to common shareholders        
plus assumed conversions$ 4199130.46  4289570.45

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 the three months ended March 31, 2013 excludes 27 million of stock appreciation rights and 3 million of stock options. The diluted earnings per share computation for the three months ended March 31, 2012 excludes 30 million of stock appreciation rights and 7 million of stock options.

 

The diluted earnings per share computation for the three months ended March 31, 2013 excludes the impact of the forward contract related to the January 28, 2013 accelerated share repurchase transaction. Based upon the average daily volume-weighted average price of the Bancorp's common stock during the first quarter of 2013, the counterparty to the transaction would have been required to deliver approximately 1 million shares as of March 31, 2013, and thus the impact of the accelerated share repurchase transaction would have been anti-dilutive to earnings per share.