Capital Actions

9 Months Ended

Sep. 30, 2016

Capital Actions

Capital Actions

15. Capital Actions

Accelerated Share Repurchase Transactions

During the nine months ended September 30, 2016, the Bancorp entered into or settled a number of accelerated share repurchase transactions. As part of these transactions, the Bancorp entered into forward contracts in which the final number of shares delivered at settlementwas based generally on a discount to the average daily volume weighted-average price of the Bancorp’s common stock during the term of these repurchase agreements. The accelerated share repurchaseswere treated as two separate transactions, (i) the acquisition of treasury shares on the repurchase date and (ii) a forward contract indexed to the Bancorp's common stock.

The following table presents a summary of the Bancorp's accelerated share repurchase transactions that were entered into or settled during the nine months ended September 30, 2016:
Repurchase Date		Amount ($ in millions)	Shares Repurchased on Repurchase Date	Shares Received from Forward Contract Settlement	Total Shares Repurchased	Settlement Date
December 14, 2015	$	215	9,248,482	1,782,477	11,030,959	January 14, 2016
March 4, 2016		240	12,623,762	1,868,379	14,492,141	April 11, 2016
August 5, 2016		240	10,979,548	1,099,205	12,078,753	November 7, 2016

Open Market Share Repurchase Transactions

Between June 17, 2016 and June 20, 2016, the Bancorp repurchased 1,436,100 shares, or approximately $26 million, of its outstanding common stock through open market repurchase transactions.