Earnings Per Share

3 Months Ended

Mar. 31, 2019

24. 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:

		2019				2018
For the three months ended March 31,			Average	Per Share		Average	Per Share
(in millions, except per share data)		Income	Shares	Amount	Income	Shares	Amount
Earnings Per Share:
Net income available to common shareholders	$	760			686
Less: Income allocated to participating securities		8			8
Net income allocated to common shareholders	$	752	661	1.14	678	690	0.98
Earnings Per Diluted Share:
Net income available to common shareholders	$	760			686
Effect of dilutive securities:
Stock-based awards		-	10		-	14
Net income available to common shareholders		760			686
plus assumed conversions
Less: Income allocated to participating securities		8			8
Net income allocated to common shareholders
plus assumed conversions	$	752	671	1.12	678	704	0.96

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 three months ended March 31, 2019 and 2018 excludes 3 million and 2 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 months ended March 31, 2019 excludes the impact of the forward contract related to the March 27, 2019 accelerated share repurchase transaction. Based upon the average daily volume weighted-average price of the Bancorp’s common stock during the first quarter of 2019, the counterparty to the transaction would have been required to deliver additional shares for the settlement of the forward contract as of March 31, 2019, and thus the impact of the forward contract related to the accelerated share repurchase transaction would have been anti-dilutive to earnings per share.