Capital Actions

3 Months Ended

Mar. 31, 2014

Capital Actions

Capital Actions

13. Capital Actions

On March 18, 2014, the Bancorp's Board of Directors authorized the Bancorp to repurchase up to 100 million shares of its outstanding common stock in the open market or in privately negotiated transactions, and to utilize any derivative or similar instrument to effect share repurchase transactions (including without limitation, accelerated share repurchase contracts, equity forward transactions, equity option transactions, equity swap transactions, cap transactions, collar transactions, floor transactions or other similar transactions or any combination of the foregoing transactions). This share repurchase authorization replaced the Board's previous authorization from March of 2013.

During 2013 and the three months ended March 31, 2014, the Bancorpentered into a number of accelerated share repurchase transactions. As part of these transactions, the Bancorp entered into forward contracts in which the final number of shares delivered at settlementwas based generally on a discount to the average daily volume weighted average price of the Bancorp's common stock during the term of these repurchase agreements. The accelerated share repurchaseswere treated as two separate transactions (i) the acquisition of treasury shares on the acquisition date and (ii) a forward contract indexed to the Bancorp's stock.

For further information on subsequent events related to capital actions refer to Note 21

The following table presents a summary of the Bancorp's accelerated share repurchase transactions that were entered into or settled during the three months ended March 31, 2014:
Repurchase Date		Amount ($ in millions)	Shares Repurchased	Shares Received from Forward Contract Settlement	Total Shares Repurchased	Settlement Date
November 18, 2013	$	200	8,538,423	1,132,495	9,670,918	March 5, 2014
December 13, 2013		456	19,084,195	2,294,932	21,379,127	March 31, 2014
January 31, 2014		99	3,950,705	602,109	4,552,814	March 31, 2014