Earnings Per Share

6 Months Ended

Jun. 30, 2014

Earnings Per Share

Earnings Per Share

20. 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 June 30,			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	$	439			591
Dividends on preferred stock		23			9
Net income available to common shareholders		416			582
Less: Income allocated to participating securities		4			4
Net income allocated to common shareholders	$	412	838	0.49	578	859	0.67
Earnings per diluted share:
Net income available to common shareholders	$	416			582
Effect of dilutive securities:
Stock-based awards		-	10		-	6
Series G convertible preferred stock		-	-		9	36
Net income available to common shareholders		416			591
plus assumed conversions
Less: Income allocated to participating securities		4			4
Net income allocated to common shareholders
plus assumed conversions	$	412	848	0.49	587	901	0.65
		2014			2013
For the six months ended June 30,			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	$	756			1,013
Dividends on preferred stock		32			18
Net income available to common shareholders		724			995
Less: Income allocated to participating securities		6			7
Net income allocated to common shareholders	$	718	842	0.85	988	865	1.14
Earnings per diluted share:
Net income available to common shareholders	$	724			995
Effect of dilutive securities:
Stock-based awards		-	11		-	6
Series G convertible preferred stock		-	-		18	36
Net income available to common shareholders		724			1,013
plus assumed conversions
Less: Income allocated to participating securities		6			7
Net income allocated to common shareholders
plus assumed conversions	$	718	853	0.84	1,006	907	1.11

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 and six months ended June 30, 2014excludes 13 million and 12 million, respectively, of stock appreciation rights andan immaterial amount of stock options.The diluted earnings per share computation for the three and six months ended June 30, 2013 excludes 25 million and 26 million, respectively, of stock appreciation rights. The diluted earnings per share computation excludes an immaterial amount of stock options for the three months ended June 30, 2013 and2million of stock options for the six months ended June 30, 2013.

The diluted earnings per share computation for the three and six months ended June 30, 2014 excludes the impact of the forward contract related to the May 1, 2014accelerated share repurchase transaction. Based upon the average daily volumeweighted average price of the Bancorp's common stock during the second quarter of 2014, the counterparty to the transaction would have been required to deliver approximately 1 million shares as of June 30, 2014, and thus the impact of the accelerated share repurchase transaction would have been anti-dilutive to earnings per share.

The diluted earnings per share computation for the three and six months ended June 30, 2013 excludes the impact of the forward contract related to the May 21, 2013 accelerated share repurchase transaction.Based upon the average daily volumeweighted average price of the Bancorp's common stock during the second quarter of 2013, the counterparty to the transaction would have been required to deliver approximately 5 million shares as of June 30, 2013, and thus the impact of the accelerated share repurchase transaction would have been anti-dilutive to earnings per share.