Earnings Per Share

3 Months Ended

Mar. 31, 2015

Earnings Per Share

Earnings Per Share

18. 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:
		2015			2014
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	$	361			318
Dividends on preferred stock		15			9
Net income available to common shareholders		346			309
Less: Income allocated to participating securities		3			3
Net income allocated to common shareholders	$	343	810	0.42	306	846	0.36
Earnings per diluted share:
Net income available to common shareholders	$	346			309
Effect of dilutive securities:
Stock-based awards		-	9		-	12
Net income available to common shareholders		346			309
plus assumed conversions
Less: Income allocated to participating securities		3			3
Net income allocated to common shareholders
plus assumed conversions	$	343	819	0.42	306	858	0.36

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, 2015 and 2014excludes 18million and 11 million, respectively, of SARs andan immaterial amount ofstock optionsbecause their inclusion would have been anti-dilutive.

The diluted earnings per share computation for the three months ended March 31, 2015 excludes the impact of the forward contract related to the January 27, 2015 accelerated share repurchase transaction. Based upon the average daily volume weighted average price of the Bancorp's common stock during the first quarter of 2015, the counterparty to the transactionwould have been required to deliver additional shares for the settlement of the forward contractas of March 31, 2015, and thus the impact of the accelerated share repurchase transactionwould have been anti-dilutive to earnings per share.