Earnings Per Share

3 Months Ended

Mar. 31, 2014

Earnings Per Share

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:
		2014			2013
For the three months ended March 31,			Average	Per Share		Average	Per Share
(in millions, except per share data)		Income	Shares	Amount	Income	Shares	Amount
Earnings per share:
Net income attributable to Bancorp	$	318			422
Dividends on preferred stock		9			9
Net income available to common shareholders		309			413
Less: Income allocated to participating securities		3			3
Net income allocated to common shareholders	$	306	846	0.36	410	871	0.47
Earnings per diluted share:
Net income available to common shareholders	$	309			413
Effect of dilutive securities:
Stock-based awards		-	12		-	6
Series G convertible preferred stock		-	-		9	36
Net income available to common shareholders		309			422
plus assumed conversions
Less: Income allocated to participating securities		3			3
Net income allocated to common shareholders
plus assumed conversions	$	306	858	0.36	419	913	0.46

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 threemonths ended March 31, 2014excludes 11millionof stock appreciation rights andan immaterial amount ofstock options. The diluted earnings per share computation for the three months ended March 31, 2013 excludes 27 million of stock appreciation rights and3 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 transactionwould have been required to deliver approximately 1 million shares as of March 31, 2013, and thus the impact of the accelerated share repurchase transactionwould have been anti-dilutive to earnings per share.