Earnings Per Share

12 Months Ended

Dec. 31, 2014

Earnings Per Share

Earnings Per Share

26. earnings per share

The following table provides the calculation of earnings per share and the reconciliation of earnings per share and earnings per diluted share for the years ended December 31:
		2014			2013			2012
			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	$	1,481			1,836			1,576
Dividends on preferred stock		67			37			35
Net income available to common shareholders		1,414			1,799			1,541
Less: Income allocated to participating securities		12			14			10
Net income allocated to common shareholders	$	1,402	833	1.68	1,785	869	2.05	1,531	904	1.69
Earnings per diluted share:
Net income available to common shareholders	$	1,414			1,799			1,541
Effect of dilutive securities:
Stock-based awards		-	10		-	8		-	6
Series G convertible preferred stock		-	-		18	18		35	36
Net income available to common shareholders		1,414			1,817			1,576
plus assumed conversions
Less: Income allocated to participating securities		12			14			10
Net income allocated to common shareholders
plus assumed conversions	$	1,402	843	1.66	1,803	895	2.02	1,566	946	1.66

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 2014, 2013 and 2012excludes 13 million,24 million, and 36 million,respectively, of SARs andan immaterial amount,1 million,and 5 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, 2014 excludes the impact of the forward contract related to the October23, 2014 accelerated share repurchase transaction. Based on the average daily volume-weighted average price of the Bancorp's common stock during the fourth quarter of 2014, the counterparty to the transaction would have been required to deliver additional shares for the settlement of the forward contract as of December 31, 2014, and thus the impactof the accelerated share repurchase transaction would have been anti-dilutive to earnings per share.

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, 2013 and December 13, 2013 accelerated share repurchase transactions. Based upon 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 additional shares for the settlement of the forward contracts as of December 31, 2013, and thus the impact of 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. 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 additional shares for the settlement of the forward contracts 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.