Earnings Per Share

12 Months Ended

Dec. 31, 2015

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:

		2015					2014					2013
			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	$	1,712				$	1,481				$	1,836
Dividends on preferred stock		75					67					37
Net income available to common shareholders		1,637					1,414					1,799
Less: Income allocated to participating securities		15					12					14
Net income allocated to common shareholders	$	1,622	799	$	2.03	$	1,402	833	$	1.68	$	1,785	869	$	2.05
Earnings per Diluted Share:
Net income available to common shareholders	$	1,637				$	1,414				$	1,799
Effect of dilutive securities:
Stock-based awards		-	9				-	10				-	8
Series G convertible preferred stock		-	-				-	-				18	18
Net income available to common shareholders		1,637					1,414					1,817
plus assumed conversions
Less: Income allocated to participating securities		15					12					14
Net income allocated to common shareholders
plus assumed conversions	$	1,622	808	$	2.01	$	1,402	843	$	1.66	$	1,803	895	$	2.02

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 years ended December 31, 2015, 2014 and 2013 excludes 16 million, 13 million and 24 million, respectively, of SARs and an immaterial amount for both the years ended December 31, 2015 and 2014 and 1 million for the year ended December 31, 2013, of stock options because their inclusion would have been anti-dilutive.

The diluted earnings per share computation for the year ended December 31, 2015 excludes the impact of the forward contract related to the December 14, 2015 accelerated share repurchase transaction. Based upon the average daily volume weighted-average price of the Bancorp's common stock during the fourth 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 December 31, 2015, and thus the impact of the forward contract related to 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, 2014 excludes the impact of the forward contract related to the October 23, 2014 accelerated share repurchase transaction. Based upon 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 impact of the forward contract related to 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 forward contracts related to the two accelerated share repurchase transactions would have been anti-dilutive to earnings per share.