Earnings Per Share

12 Months Ended

Dec. 31, 2017

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:

		2017			2016			2015
			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 available to common shareholders		2,119			1,489			1,637
Less: Income allocated to participating securities		23			15			15
Net income allocated to common shareholders	$	2,096	728	2.88	1,474	757	1.95	1,622	799	2.03
Earnings Per Diluted Share:
Net income available to common shareholders	$	2,119			1,489			1,637
Effect of dilutive securities:
Stock-based awards		-	13		-	7		-	9
Net income available to common shareholders		2,119			1,489			1,637
plus assumed conversions
Less: Income allocated to participating securities		22			15			15
Net income allocated to common shareholders
plus assumed conversions	$	2,097	741	2.83	1,474	764	1.93	1,622	808	2.01

Shares are excluded from the computation of earnings 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, 2017, 2016 and 2015 excludes 4 million, 19 million and 16 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, 2017 excludes the impact of the forward contract related to the December 19, 2017 accelerated share repurchase transaction. Based upon the average daily volume weighted-average price of the Bancorp’s common stock during the fourth quarter of 2017, the counterparty to the transaction would have been required to deliver additional shares for the settlement of the forward contract as of December 31, 2017, 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, 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 during 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, 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.