Earnings Per Share

12 Months Ended

Dec. 31, 2016

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:
		2016			2015			2014
			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	$	1,564			1,712			1,481
Dividends on preferred stock		75			75			67
Net income available to common shareholders		1,489			1,637			1,414
Less: Income allocated to participating securities		15			15			12
Net income allocated to common shareholders	$	1,474	757	1.95	1,622	799	2.03	1,402	833	1.68
Earnings per Diluted Share:
Net income available to common shareholders	$	1,489			1,637			1,414
Effect of dilutive securities:
Stock-based awards		-	7		-	9		-	10
Net income available to common shareholders		1,489			1,637			1,414
plus assumed conversions
Less: Income allocated to participating securities		15			15			12
Net income allocated to common shareholders
plus assumed conversions	$	1,474	764	1.93	1,622	808	2.01	1,402	843	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 the years ended December 31, 2016, 2015 and 2014excludes 19 million, 16 million and 13 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 year ended December 31, 2016 excludes the impact of the forward contract related to the December 20, 2016 accelerated share repurchase transaction. Based upon the average daily volume weighted-average price of the Bancorp’s common stock from the repurchase date through the fourth quarter of 2016, the counterparty to the transaction would have been required to deliver additional shares for the settlement of the forward contract as of December 31, 2016, 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, 2015 excludes the impact of the forward contract related to the December 14, 2015accelerated share repurchase transaction. Based upon the average daily volumeweighted-average price of the Bancorp’s common stock from the repurchase date through 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 October23, 2014 accelerated share repurchase transaction. Based upon the average daily volume weighted-average price of the Bancorp’s common stock from the repurchase date through 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 theaccelerated share repurchase transaction would have been anti-dilutive to earnings per share.