Earnings Per Share

12 Months Ended

Dec. 31, 2013

Earnings Per Share

Earnings Per Share

26. 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:
		2013			2012			2011
			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	$	1,836			1,576			1,297
Dividends on preferred stock		37			35			203
Net income available to common shareholders		1,799			1,541			1,094
Less: Income allocated to participating securities		14			10			6
Net income allocated to common shareholders	$	1,785	869	2.05	1,531	904	1.69	1,088	906	1.20
Earnings per diluted share:
Net income available to common shareholders	$	1,799			1,541			1,094
Effect of dilutive securities:
Stock-based awards		-	8		-	6		-	6
Series G convertible preferred stock		18	18		35	36		35	36
Warrants related to Series F preferred stock		-	-		-	-		-	2
Net income available to common shareholders		1,817			1,576			1,129
plus assumed conversions
Less: Income allocated to participating securities		14			10			6
Net income allocated to common shareholders
plus assumed conversions	$	1,803	895	2.02	1,566	946	1.66	1,123	950	1.18

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 2013, 2012, and 2011excludes 24 million,36 million, and 29 million,respectively, of stock appreciation rights and1 million,5 million,and 8 million, respectively, of stock options because their inclusion would have been anti-dilutive.

The diluted earnings per share computation for the year ended December 31, 2013 excludes the impact of the forward contracts related to the November 18, 2013and December 13, 2013 accelerated share repurchase transactions. Based on the average daily volume-weighted average price of the Bancorp's common stock during the fourth quarter of 2013, the counterparty to the transactions would have been required to deliver approximately 5 million shares as of December 31, 2013, and thus the impactof the two accelerated share repurchase transactions 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.