Earnings Per Share

6 Months Ended

Jun. 30, 2015

19. Earnings Per Share

The following tables provide 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 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	$	315			439
Dividends on preferred stock		23			23
Net income available to common shareholders		292			416
Less: Income allocated to participating securities		3			4
Net income allocated to common shareholders	$	289	804	0.36	412	838	0.49
Earnings per diluted share:
Net income available to common shareholders	$	292			416
Effect of dilutive securities:
Stock-based awards		-	9		-	10
Net income available to common shareholders		292			416
plus assumed conversions
Less: Income allocated to participating securities		3			4
Net income allocated to common shareholders
plus assumed conversions	$	289	813	0.36	412	848	0.49

		2015			2014
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	$	676			756
Dividends on preferred stock		38			32
Net income available to common shareholders		638			724
Less: Income allocated to participating securities		6			6
Net income allocated to common shareholders	$	632	807	0.78	718	842	0.85
Earnings per diluted share:
Net income available to common shareholders	$	638			724
Effect of dilutive securities:
Stock-based awards		-	9		-	11
Net income available to common shareholders		638			724
plus assumed conversions
Less: Income allocated to participating securities		6			6
Net income allocated to common shareholders
plus assumed conversions	$	632	816	0.77	718	853	0.84

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, 2015 excludes 16 million and 17 million, respectively, of SARs and an immaterial amount of stock options because their inclusion would have been anti-dilutive. The diluted earnings per share computation for the three and six months ended June 30, 2014 excludes 13 million and 12 million, respectively, of SARs and an immaterial amount of stock options because their inclusion would have been anti-dilutive.

The diluted earnings per share computation for the three and six months ended June 30, 2015 excludes the impact of the forward contract related to the April 30, 2015 accelerated share repurchase transaction. Based upon the average daily volume weighted average price of the Bancorp's common stock during the second quarter of 2015, the counterparty to the transaction would have been required to deliver additional shares for the settlement of the forward contract as of June 30, 2015, 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, 2014 excludes the impact of the forward contract related to the May 1, 2014 accelerated share repurchase transaction. Based upon the average daily volume weighted 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 additional shares for the settlement of the forward contract as of June 30, 2014, and thus the impact of the accelerated share repurchase transaction would have been anti-dilutive to earnings per share.